Court Preliminarily Approves Settlement on Behalf of Purchasers of ImmunoCellular Therapeutics Ltd. Common Stock Purchased on the Open Market
On February 4, 2019, Judge Fernando M. Olguin of the United States District Court for the Central District of California issued an Order preliminarily approving a $1,150,000 cash settlement of claims brought on behalf of a Class of all persons who purchased ImmunoCellular Therapeutics, Ltd. (“IMUC”) common stock on the open market between May 1, 2012 and May 30, 2014, inclusive.
The settlement resolves claims that ImmunoCellular, certain of its executives, and certain other defendants engaged in a pay-for-promotion scheme pursuant to which analysts who were purportedly independent published positive articles about IMUC on popular financial websites without disclosing that they were being paid for such coverage, and when the scheme became public through various partial announcements, IMUC’s share price fell and shareholders were damaged. Shares purchased or traded in on non-U.S. markets are not covered by this settlement or lawsuit.
To participate in the settlement, Claim Forms must be postmarked on or before July 24, 2019. Class Members who wish to exclude themselves from the settlement or object to all or part of the settlement must do so by mailing their objection or Exclusion Form so that it is postmarked on or before June 4, 2019. Judge Olguin has scheduled a hearing to consider final approval of the settlement on August 22, 2019 at 10:00 a.m. at the United States District Court for the Central District of California, United States Courthouse, 350 W. 1st Street, 9th Floor, Courtroom 6D, Los Angeles, CA 90012.
Copies of the Amended Stipulation of Settlement, Preliminary Approval Order, Settlement Notice, Claim Form, Exclusion Form, and other important documents and information concerning the settlement, filing a claim, objecting or opting out of the settlement, and the final approval hearing can be accessed through the settlement website at http://www.imucsecuritieslitigation.com/.
Wolf Popper Appointed Co-Lead Counsel in Securities Action Against ImmunoCellular Therapeutics, Ltd.
On July 21, 2017, the United States District Court for the Central District of California appointed Arthur Kaye IRA FCC As Custodian DTD 6-8-00 (“Kaye”) as Co-Lead Plaintiff in the securities class action against ImmunoCellular Therapeutics, Ltd, its senior executives, and certain individuals. The Court also approved Kaye’s selection of Wolf Popper LLP as Co-Lead Counsel.
On October 13, 2017, Co-Lead Plaintiffs filed the Consolidated Second Amended Complaint. A copy of the amended complaint can be found here. The action alleges that ImmunoCellular Therapeutics, Ltd., its senior executives and certain individuals violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, during the period May 1, 2012 through May 30, 2014, by issuing a series false and misleading statements and participating in an illegal stock promotion scheme concerning the viability of the company’s primary vaccine candidate, ICT-107, as a treatment for glioblastoma multiforme (“GBM”).
Wolf Popper LLP Files Class Action Lawsuit Against ImmunoCellular Therapeutics, Ltd.
NEW YORK, May 1, 2017
Wolf Popper LLP has filed a class action lawsuit against ImmunoCellular Therapeutics, Ltd. (NYSE MKT: IMUC), certain of its former and current officers, and other individuals and entities, in the United States District Court for the Central District of California (2:17-cv-03250), on behalf of all persons who purchased or acquired ImmunoCellular common stock on the open market, during the period May 1, 2012 through December 11, 2013, and were damaged thereby. This action alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you are a member of the Class, you may file a motion no later than June 30, 2017 to be appointed lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who purchased ImmunoCellular common stock during the Class Period and suffered losses are urged to contact Wolf Popper to discuss their rights.
ImmunoCellular is a development stage company, and its lead product candidate, ICT-107, is a dendritic cell-based vaccine targeting multiple tumor associated antigens for glioblastoma multiforme.
The Complaint charges that prior to and throughout the Class Period, defendants developed a scheme to manipulate and artificially inflate the stock price of ImmunoCellular. By virtue of this scheme, the market was conditioned to believe that ImmunoCellular’s clinical studies for ICT-107 were going well as the placement of these fraudulent media reports were often timed to coincide with ImmunoCellular’s announcements of ICT-107, so to have maximum impact upon ImmunoCellular’s share price.
Unbeknownst to the market, beginning in September 2011, ImmunoCellular hired Lidingo Holdings, LLC, a stock promotional firm to pump up the value of ImmunoCellular stock. This endeavor included a campaign of planting phony analyst reports and news articles that fawned over ImmunoCellular. In many cases, these phony media reports were written under aliases, and failed to reveal that ImmunoCellular had complete editorial control over their work.
On December 11, 2013, ImmunoCellular revealed that the primary endpoint for its ICT-107 Phase II study "did not reach statistical significance" because it failed to increase overall survival in patients diagnosed with glioblastoma multiforme.
As a result, ImmunoCellular stock declined nearly 60%, to close at $1.10 per share on December 12, 2013.
On April 10, 2017, as part of an SEC proceeding, ImmunoCellular’s former CEO, Manish Singh acknowledged that he participated "in a paid stock-touting scheme" where he "edited and approved articles, directed which writers should publish articles and directed when and where those articles should be published.”
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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For more information, please contact:
Robert C. Finkel, Esq.