Block & Leviton LLP Files Class Action Lawsuit Against Immunomedics, Inc., Alleging Violations Of The Federal Securities Laws

BOSTON, June 10, 2016 /PRNewswire/ -- Block & Leviton LLP (blockesq.com) announces that it has filed a class action lawsuit against Immunomedics, Inc. ("Immunomedics" or the "Company") (Nasdaq:  IMMU) and certain of its officers for violations of the federal securities laws.

The case is brought on behalf of investors who acquired Immunomedics securities between April 20, 2016 and June 3, 2016, inclusive.  It alleges that Immunomedics made materially false and/or misleading statements by claiming that it would present new and unreported data at the prestigious ASCO, (American Society of Clinical Oncology), annual conference when in fact Immunomedics merely intended to rehash data it had previously publicly presented, a clear violation of conference protocols.

On June 3, 2016, a news article reported that ASCO had learned of the subterfuge and removed Immunomedics' presentation, thwarting the Company's attempt to "announce" stale data at the conference.  On this news, Immunomedics's stock declined nearly 15% the day of the announcement, and is down over 40% in the days following the Company's removal from the conference, representing a loss of over $200 million in shareholder value.

If you wish to serve as a lead plaintiff in the class action litigation, you must move the Court no later than August 8, 2016.  As a member of the class, you may file a motion to serve as a lead plaintiff or take no action and remain an absent class member.  To learn more about your options, for a copy of the complaint or if you have any questions about the litigation, please contact attorney Steven Harte at (617) 398-5600 or email him at [email protected].

Confidentiality to whistleblowers or others with relevant information is assured. 

Block & Leviton LLP is a securities litigation firm representing investors nationwide.  It represents a number of the nation's largest institutional investors, has offices in Boston and California's Bay Area and has recovered more than a billion dollars for its clients.

This notice may constitute attorney advertising.

SOURCE Block & Leviton LLP

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