Member access

4-Traders Homepage  >  Shares  >  Nasdaq  >  Immunomedics, Inc.    IMMU   US4529071080

IMMUNOMEDICS, INC. (IMMU)

13
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Immunomedics To Receive $16.7 Million Payment to Resolve Finra Proceedings

04/01/2013 | 06:11pm US/Eastern
   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
React to this article
Latest news on IMMUNOMEDICS, INC.
2d ago IMMUNOMEDICS : Other Events (form 8-K)
2d ago IMMUNOMEDICS : Scanning Biotech Equities -- Celgene, Novavax, Amarin, Immunomedi..
4d ago Immunomedics Reports Preliminary Results From Pretargeted Imaging Study in Pa..
12/12 Immunomedics Reports Expanded Phase 1/2 Trials Confirm Activity and Good Safe..
12/04 IMMUNOMEDICS : Submission of Matters to a Vote of Security Holders, Financial St..
12/04 IMMUNOMEDICS : to Present at 25th Annual Oppenheimer Healthcare Conference
12/04 IMMUNOMEDICS : Patent Issued for Anthracycline-Antibody Conjugates for Cancer Th..
12/03 IMMUNOMEDICS : Announces Outcome of 2014 Annual Meeting of Stockholders
11/26 IMMUNOMEDICS : Patent Issued for Polymeric Carriers of Therapeutic Agents and Re..
11/21 IMMUNOMEDICS : Presents Clinical Data on Novel Antibody-Drug Conjugates for Soli..
Advertisement
Chart
Duration : Period :
Immunomedics, Inc. Technical Analysis Chart | IMMU | US4529071080 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF