SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Immunomedics, Inc. of Class A...
July 24 2016 - 9:00AM
Pomerantz LLP announces that a class action lawsuit has been filed
against Immunomedics, Inc. (“Immunomedics” or the “Company”)
(NASDAQ:IMMU) and certain of its officers. The class action, filed
in United States District Court, District of New Jersey, is on
behalf of a class consisting of all persons or entities who
purchased or otherwise acquired Immunomedics securities between
April 20, 2016 and June 2, 2016 inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased
Immunomedics securities during the Class Period, you have until
August 8, 2016 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail
are encouraged to include their mailing address, telephone number,
and number of shares purchased.
[Click here to join this class action]
Immunomedics, a clinical-stage biopharmaceutical
company, focuses on the development of monoclonal antibody-based
products for the targeted treatment of cancer, autoimmune, and
other diseases. Among other product candidates, the Company is
developing the antibody-drug conjugate sacituzumab govitecan
IMMU-132 (“IMMU-132”), which is in Phase II trials for treatment of
patients with metastatic triple-negative breast cancer and
small-cell and non-small-cell lung cancers.
The Complaint alleges that throughout the Class
Period, Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) the abstract for
IMMU-132 that Immunomedics submitted to the American Society of
Clinical Oncology (“ASCO”) for presentation at the 2016 ASCO Annual
Meeting contained previously disclosed results from a mid-stage
study; (ii) Immunomedics had misrepresented to ASCO that its
abstract for IMMU-132 contained only updated and previously
undisclosed data; (iii) the foregoing misrepresentation was a
violation of ASCO policy and made Immunomedics’ IMMU-132
presentation subject to removal from the 2016 ASCO Annual Meeting
schedule; and (iv) as a result of the foregoing, Immunomedics’
public statements were materially false and misleading at all
relevant times.
On April 19, 2016, Immunomedics announced that
the Company would present updated results for its IMMU-132
treatment at ASCO’s Annual Meeting in June 2016.
On June 2, 2016, after the market closed, media
outlets reported that ASCO had removed a scheduled presentation by
Immunomedics regarding the Company’s IMMU-132 breast cancer drug
from ASCO’s annual meeting. ASCO stated that Immunomedics had
misrepresented that the Company’s abstract for IMMU-132 contained
updated and previously undisclosed results from a mid-stage study,
when in fact the IMMU-132 data that Immunomedics submitted were old
and previously seen.
As a result of this news, Immunomedics
shares fell $0.78, or 14.72%, to close at $4.52 on June 3,
2016.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 80 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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