ImmunoGen – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against ImmunoGen, Inc. (“ImmunoGen” or “the Company”) (NASDAQ: IMGN) and certain officers of the company. Investors who acquired or owned ImmunoGen securities are strongly encouraged to participate in this case by contacting firstname.lastname@example.org. The deadline to file a motion for appointment of lead plaintiff is March 5, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of ImmunoGen investors, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST IMMUNOGEN
The plaintiff initiates a stockholder action against ImmunoGen, Inc. and its Board of Directors, alleging violations of Sections 14(a) and 20(a) of the Exchange Act. This arises from the defendants’ efforts to sell the company to AbbVie through an purportedly unfair process, leading to a request for an injunction against an upcoming stockholder vote on the Proposed Transaction.
Details of the transaction were disclosed in a November 30, 2023, filing with the SEC, indicating that AbbVie would acquire all outstanding shares of ImmunoGen at $31.26 per share in cash, with the Company remaining a subsidiary of Intermediate Sub.
Following this, on December 21, 2023, the Company submitted its Preliminary Proxy Statement, succeeded by the Definitive Proxy on January 2, 2024. The plaintiff contends that the Board pursued the transaction to secure substantial and immediate benefits for themselves and senior management, encompassing illiquid stock conversion, accelerated equity awards, and substantial severance packages.
Alleging material deficiency, the plaintiff asserts that the Definitive Proxy Statement violates the Exchange Act by omitting or misrepresenting critical information related to the sales process, conflicts of interest, the necessity for financial advisors, financial projections, and the fairness opinion. Seeking judicial intervention, the plaintiff aims to enjoin the Proposed Transaction, citing potential irreparable harm if it proceeds.
- ImmunoGen, Inc. is a biotechnology company focused on developing targeted anticancer therapeutics. The company is known for its expertise in antibody-drug conjugate (ADC) technology, which is a type of cancer treatment that uses antibodies to deliver potent cytotoxic agents directly to cancer cells.
- ImmunoGen’s ADC technology is designed to enhance the effectiveness of cancer treatments while minimizing the impact on healthy cells. The company has collaborated with various pharmaceutical partners to advance its drug development programs.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in ImmunoGen, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is March 5, 2024. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.