Immunomedics, Inc. (NASDAQ: IMMU)
In 2016, Hagens Berman Sobol Shapiro LLP began its investigation of possible securities law violations by Immunomedics, Inc. and its management on behalf of investors in Immunomedics.
This case concerns Defendants’ efforts at artificially inflating their stock price by touting upcoming presentations at a prestigious oncology conference at the American Society of Clinical Oncology (“ASCO”). Defendants knew that their ASCO presentation was dependent upon honoring an embargo that prohibited them from disclosing the data to be presented at other conferences during a quiet period. Nevertheless, Defendants publicly released their data at various other meetings and, when discovered by ASCO, were kicked out of the ASCO conference. The stock price plummeted nearly 15% and the CEO and CFO were forced to resign.
On February 7, 2017, the Court issued an Order consolidating the competing actions against Immunomedics, appointing Sensung Tsai as Lead Plaintiff, and appointing Hagens Berman Sobol Shapiro LLP as Lead Counsel for the Class. Plaintiffs filed a Consolidated Class Action Complaint on October 4, 2017.
On January 26, 2018, Defendants filed a Motion to Dismiss the Consolidated Class Action Complaint, which Plaintiffs opposed on March 9, 2018.
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