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Immunomedics To Receive $16.7 Million Payment to Resolve Finra Proceedings

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04/02/2013 | 12:11am CET
   By Kristin Jones 
 

Immunomedics Inc. (>> Immunomedics, Inc.) expects to receive a total payment of $16.7 million after reaching a settlement with its former broker, resolving allegations the drug company had brought to the Financial Industry Regulatory Authority related its investments.

Immunomedics said Monday that it will receive a gross settlement amount of $18 million, excluding expenses and legal fees, and has agreed to dismiss the proceeding with prejudice against an unnamed broker.

The company has said in filings that in 2009, it initiated an arbitration proceeding before Finra against its former investment advisor, former Bank of America Corp. (>> Bank of America Corp) units Banc of America Investment Services Inc. and Banc of America Securities LLC. Immunomedics accused the firm of making false representations or omissions concerning auction rate securities.

A representative from Bank of America wasn't immediately available for comment.

Immunomedics focuses primarily on the development of treatments for cancer and other serious diseases.

Its shares closed Monday up 1.2% at $2.44 and were unchanged after hours. The stock is down 16% since the start of the year.

Write to Kristin Jones at kristin.jones@dowjones.com

Stocks mentioned in the article : Immunomedics, Inc., Bank of America Corp
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Financials ($)
Sales 2017 15,1 M
EBIT 2017 -48,0 M
Net income 2017 -
Debt 2017 -
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
Capi. / Sales 2017 37,6x
Capi. / Sales 2018 8,60x
Capitalization 566 M
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 7,50 $
Spread / Average Target 40%
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NameTitle
Cynthia L. Sullivan President, Chief Executive Officer & Director
David M. Goldenberg Chairman, Chief Scientific & Patent Officer
Michael R. Garone Chief Financial Officer & Vice President-Finance
William A. Wegener Chief Medical Officer
Brian A. Markison Lead Independent Director
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