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.
On this news, Immunomedics stock has fallen more than $0.80, or 15%, to $4.49 pre-market on June 3, 2016.
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Robert S. Willoughby
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SOURCE Pomerantz LLP