SAN FRANCISCO, June 20, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts Immunomedics, Inc. (NASDAQ:IMMU) investors of the August 8, 2016 Lead Plaintiff deadline in the securities class action filed in the United States District Court for the District of New Jersey.
If you purchased shares of Immunomedics between April 20, 2016 and June 3, 2016 and suffered significant losses, or have information that will help our continuing investigation, contact Hagens Berman partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing IMMU@hbsslaw.com or visiting https://www.hbsslaw.com/cases/IMMU.
The litigation concerns Defendants’ emphasis on the importance of Immunomedics’ presentation of data about its triple-negative breast cancer drug (“IMMU-132”) at the closely-watched June 2016 annual meeting of the American Society of Clinical Oncology (“ASCO”), the fact that Defendants attempt to sneak old (previously presented) data into the presentation, ASCO’s exclusion of the IMMU-132 presentation when it learned Defendants flouted its rules, and the resulting damage to investors.
More specifically, for a study to be eligible for acceptance into an ASCO meeting, information contained in the abstract and other data and information to be presented about the study must not be disclosed before the findings have been publicly released in conjunction with the ASCO meeting. Otherwise, the abstract will be subject to rejection or removal.
Defendants stated several times that Immunomedics would present updated data about IMMU-132 at the June 2016 meeting. But, on June 2, 2016, the media reported that ASCO removed the presentation because it did not contain updated and previously undisclosed data. Immunomedics' common stock price fell nearly 15% to close at $4.52 on June 3, 2016.
“Unbeknownst to investors and ASCO, Immunomedics tried to present old and previously presented IMMU-132 breast cancer data,” said Hagens Berman partner Reed Kathrein. “Investors look to the ASCO meeting for the latest developments and newest clinical data on experimental cancer drugs.”
Whistleblowers: Persons with non-public information regarding Immunomedics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email IMMU@hbsslaw.com.
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