A lawsuit was filed on behalf of investors in Immunomedics, Inc. (NASDAQ:IMMU) shares over alleged securities laws violations andNASDAQ:IMMU investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/14/2016 -- An investor, who purchased shares of Immunomedics, Inc. (NASDAQ:IMMU), filed a lawsuit in New Jersey over alleged Securities Laws violations by Immunomedics, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Immunomedics, Inc. (NASDAQ:IMMU) have certain options and for certain investors are short and strict deadlines running. Deadline: August 8, 2016. NASDAQ:IMMU investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of purchasers of Immunomedics, Inc. (NASDAQ:IMMU) common shares between April 20, 2016 and June 2, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 20, 2016 and June 2, 2016 the defendants made false and/or misleading statements and/or failed to disclose that the abstract for IMMU-132 that Immunomedics, Inc 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, that Immunomedics, Inc had misrepresented to ASCO that its abstract for IMMU-132 contained only updated and previously undisclosed data, that the foregoing misrepresentation was a violation of ASCO policy and made Immunomedics, Inc's IMMU-132 presentation subject to removal from the 2016 ASCO Annual Meeting schedule, and that as a result of the foregoing, Immunomedics, Inc's public statements were materially false and misleading at all relevant times.
On June 2, 2016, after the market closed, media outlets reported that the American Society of Clinical Oncology ("ASCO") had removed a scheduled presentation by Immunomedics regarding the Company's IMMU-132 breast cancer drug from the American Society of Clinical Oncology's annual meeting. The American Society of Clinical Oncology stated that Immunomedics, Inc. 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.
Shares of Immunomedics, Inc. (NASDAQ:IMMU) declined to as low as $3.83 per share on June 6, 2016.
Those who purchased shares of Immunomedics, Inc. have certain options and should contact the Shareholders Foundation.
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