Shareholder rights law firm Robbins LLP reminds investors that purchasers of Immunomedics, Inc. (NASDAQ: IMMU) filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between April 20, 2016 and June 2, 2016. Immunomedics, a clinical-stage biopharmaceutical company, focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer. The company is developing its antibody-drug conjugate IMMU-12.
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Shareholder Class Action Alleging Immunomedics, Inc. (IMMU) Made Materially False and Misleading Statements Survives Motion to Dismiss
According to the complaint, on April 19, 2016, Immunomedics announced that the Company would present updated results for IMMU-132 treatment at The American Society of Clinical Oncology ("ASCO"). However, on June 2, 2016, media outlets reported that ASCO had removed Immunomedics regarding the Company's IMMU-132 breast cancer drug from ASCO's annual meeting. ASCO explained their decision, revealing that Immunomedics misrepresented that the Company's abstract for IMMU-132 contained updated and previously undisclosed results from a mid-stage study, when in fact that data was actually old and previously seen. On this news, Immunomedics' stock fell almost 15% to close at $4.52 per share on June 3, 2016. Finally, on June 1, 2020, U.S. District Judge Katharine S. Hayden denied Immunomedics' motion to dismiss, stating that the plaintiff had sufficiently alleged the Company had made false or misleading statements about its ASCO presentation. Her decision paves the way for litigation to proceed.
Immunomedics, Inc. (IMMU) Shareholders Have Legal Options
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