An investigation for investors in NASDAQ:IMMU shares was announced over possible breaches of fiduciary duties by certain directors of Immunomedics, Inc..
Investors who are current long term investors in Immunomedics, Inc. (NASDAQ:IMMU) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for investors in NASDAQ:IMMU stocks follows a lawsuit filed against Immunomedics, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:IMMU stocks, concerns whether certain Immunomedics and directors are liable in connection with the allegations made in that lawsuit. The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that the abstract for IMMU-132 that Immunomedics, Inc 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, that Immunomedics, Inc had misrepresented to ASCO that its abstract for IMMU-132 contained only updated and previously undisclosed data, that the foregoing misrepresentation was a violation of ASCO policy and made Immunomedics, Inc’s IMMU-132 presentation subject to removal from the 2016 ASCO Annual Meeting schedule, and that as a result of the foregoing, Immunomedics, Inc’s public statements were materially false and misleading at all relevant times.
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 the American Society of Clinical Oncology’s annual meeting. The American Society of Clinical Oncology stated that Immunomedics, Inc. 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. Shares of Immunomedics, Inc. declined to as low as $3.83 per share on June 6, 2016.
Those who purchased NASDAQ:IMMU shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com