STEVENSON, Md., July 28, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Immunomedics, Inc. (Nasdaq: IMMU ) (“Immunomedics” or the “Company”) securities during the period between April 20, 2016 and June 3, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until August 8, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Immunomedics securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the abstract for the antibody-drug, conjugate sacituzumab govitecan IMMU-132 (“IMMU-132”), 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, that the Company had misrepresented to ASCO that its abstract for IMMU-132 contained only updated and previously undisclosed data, and that as a result, the Company was in violation of ASCO’s policy, which made Immunomedics’ IMMU-132 presentation subject to removal from the 2016 ASCO Annual Meeting schedule.
According to the complaint, following media reports on June 2, 2016 that ASCO had removed a scheduled presentation by Immunomedics regarding IMMU-132 due to the Company’s misrepresentation that the abstract contained updated and previously undisclosed results from a mid-stage study when in fact the data was old and previously seen, the value of Immunomedics shares declined significantly.
If you have suffered a loss from investment in Immunomedics securities purchased on or after April 20, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
