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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
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-immunomedics-inc-of-class-action-lawsuit-and-upcoming-deadline--immu-300293510.html
SOURCE Pomerantz LLP