Immunomedics Must Face Suit Over Founder’s Severance, Settlement

Immunomedics Inc. lost its bid Monday to escape claims in Delaware Chancery Court that it repeatedly breached its founder’s severance package and a settlement deal resolving earlier litigation over his ouster after a hedge fund’s hostile takeover.

Vice Chancellor J. Travis Laster let most of the lawsuit move forward, saying Dr. David M. Goldenberg offered a reasonable reading—in some instances the only one—of provisions requiring the company to pay him after his departure and give him a cut of future asset sales, including royalties.

Laster also refused to rule out holding Immunomedics in contempt for breaches of Goldenberg’s employment agreement, ...