Shareholder rights law firm Robbins LLP announces that it is investigating Immunomedics, Inc. (NASDAQ: IMMU) for alleged violations of the Securities Exchange Act of 1934 and whether the Company’s officers and directors breached their fiduciary duties to shareholders. 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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Immunomedics, Inc. (IMMU) Drug Presentation Removed From ASCO Meeting
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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