Investigation of Immunomedics, Inc.
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Shareholder Class Action Alleging Immunomedics, Inc. (IMMU) Made Materially False and Misleading Statements Survives Motion to Dismiss
On April 19, 2016, Immunomedics announced that the Company would present updated results for IMMU-132 treatment at The American Society of Clinical Oncology (“ASCO”). However, on June 2, 2016, media outlets reported that ASCO had removed Immunomedics regarding the Company’s IMMU-132 breast cancer drug from ASCO’s annual meeting. ASCO explained their decision, revealing that Immunomedics misrepresented that the Company’s abstract for IMMU-132 contained updated and previously undisclosed results from a mid-stage study, when in fact that data was actually old and previously seen. On this news, Immunomedics’ stock fell almost 15% to close at $4.52 per share on June 3, 2016. Finally, on June 1, 2020, U.S. District Judge Katharine S. Hayden denied Immunomedics’ motion to dismiss, stating that the plaintiff had sufficiently alleged the Company had made false or misleading statements about its ASCO presentation. Her decision paves the way for litigation to proceed.