WILMINGTON, Del., June 16, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Immunomedics, Inc. (NASDAQ:IMMU)?
- Did you purchase your shares between April 20, 2016 and June 2, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased the common stock of Immunomedics, Inc. (“Immunomedics” or the “Company”) (NASDAQ:IMMU) between April 20, 2016 and June 2, 2016, inclusive, (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Immunomedics during the Class Period, or purchased shares prior to the Class Period and still hold Immunomedics, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/immunomedics-inc-immu.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the abstract for IMMU-132, the Company’s antibody-drug conjugate, 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; (2) Immunomedics had misrepresented to ASCO that its abstract for IMMU-132 contained only updated and previously undisclosed data; (3) 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 (4) as a result of the foregoing, Immunomedics’ public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, 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.
On this news, shares of Immunomedics dropped almost 15%, closing at $4.52 per share on June 3, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 8, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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