Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

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.
09/08 Immunomedics Reports Interim Phase 2 Results With Sacituzumab Govitecan in Lu..
09/02 Immunomedics to Present at Upcoming Investor Conferences
08/26 IMMUNOMEDICS : Change in Directors or Principal Officers (form 8-K)
08/19 IMMUNOMEDICS : Management's Discussion and Analysis of Financial Condition and R..
08/19 IMMUNOMEDICS : reports 4Q loss
08/19 IMMUNOMEDICS : Results of Operations and Financial Condition, Financial Statemen..
08/19 Immunomedics Announces Fiscal 2015 Results and Clinical Program Developments
08/19 IMMUNOMEDICS : Change in Directors or Principal Officers, Financial Statements a..
08/19 Immunomedics Appoints Arthur S. Kirsch as Director
08/18 Immunomedics Extends U.S. Patent Protection for Antibody-Drug Conjugate Progr..
Duration : Period :
Immunomedics, Inc. Technical Analysis Chart | IMMU | US4529071080 | 4-Traders
Income Statement Evolution
More Financials