Immunomedics Investors Seek First Nod for $4 Million Settlement

Immunomedics Inc. investors who say the company misled them about cancer drug data presentations asked a federal judge in New Jersey for initial approval of a $4 million class deal to resolve the securities dispute.

The settlement follows nearly six years of litigation and represents about 9.7% to 28% of estimated losses, the biopharmaceutical company’s investors said in a memo filed as part of their preliminary settlement approval bid in the U.S. District Court for the District of New Jersey.

The deal is “a model of how responsible, experienced attorneys can use the securities laws to compensate aggrieved investors for ...