NEW YORK, June 10, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against of Immunomedics, Inc. ("Immunomedics" or the "Company") (NASDAQGM: IMMU -News). The class action has been filed in the United States District Court, District of New Jersey, on behalf of a class consisting of all persons or entities who purchased Immunomedics common stock between April 20, 2016 and June 2, 2016 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Immunomedics is a clinical-stage biopharmaceutical company that researches, develops, manufactures and sells monoclonals and ELISA kits, for use in cancer and autoimmune diagnosis, detection and therapy.
Immunomedics is known for its antibody-drug conjugate sacituzumab govitecan IMMU-132 ("IMMU-132"), currently 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: (1) 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to the American Society of Clinical Oncology ("ASCO") for presentation at the 2016 ASCO Annual Meeting contained outdated results from a mid-stage study; (2) Immunomedics had misrepresented this information to ASCO as if its abstract IMMU-132 only listed updated and previously undisclosed data; (3) the misrepresentation was a violation of ASCO policy and made Immunomedics' IMMU-132 presentation subject to removal from the 2016 ASCO Annual Meeting schedule; and (4) consequentially, Immunomedics' public statements were materially false and misleading at all relevant times.
On April 19, 2016, Immunomedics said it would update its results for IMMU-132 treatment for ASCO's Annual Meeting scheduled in June 2016.
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 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.
Following this news, Immunomedics stock dropped $0.78, or 14.72%, to close at $4.52 on June 3, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action please visit the firm's site: http://www.bgandg.com/#!immu/sypgi or contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Immunomedics you have until August 8, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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