Robbins Arroyo LLP: Immunomedics, Inc. (IMMU) Misled Shareholders According to a Recently Filed Class Action
Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Immunomedics, Inc. (NASDAQGM: IMMU) in the U.S. District Court for the District of New Jersey. The complaint is brought on behalf of all purchasers of Immunomedics securities between April 20, 2016 and June 2, 2016, for alleged violations of the Securities Exchange Act of 1934 by Immunomedics’ officers and directors. 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 product IMMU-132 (“IMMU-132”), which is in Phase II trials for treatment of patients with breast cancer and lung cancer.
Immunomedics Accused of Misrepresenting Its Drug Candidate
According to the complaint, on April 19, 2016, Immunomedics announced that it would present updated results for its IMMU-132 treatment at the American Society of Clinical Oncology’s (“ASCO”) Annual Meeting in June 2016. ASCO’s annual meetings provide a forum for the presentation of new oncology research and its presenters must meet a list of requirements, including that the information presented must not have previously been made public. The complaint alleges that Immunomedics officials failed to disclose that: (i) the abstract for IMMU-132 that Immunomedics submitted to ASCO for presentation at the 2016 ASCO Annual Meeting contained previously disclosed results form a mid-stage study; (ii) Immunomedics had misrepresented to ASCO that its abstract for IMMU-132 contained only updated and previously undisclosed data; and (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.
On June 2, 2016, media outlets reported that ASCO had removed a scheduled presentation by Immunomedics regarding the company’s IMMU-132 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. On this news, Immunomedics stock fell $0.78 per share, or 14.72%, to close at $4.52 per share on June 3, 2016.
Immunomedics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.