According to the law firm press release, Immunomedics, a clinical-stage biopharmaceutical company, focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune, and other diseases. Among other product candidates, the Company is developing the antibody-drug conjugate sacituzumab govitecan IMMU-132 (“IMMU-132”), which is in Phase II trials for treatment of patients with metastatic triple-negative breast cancer and small-cell and non-small-cell lung cancers.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the abstract for 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; (ii) Immunomedics had misrepresented to ASCO that its abstract for IMMU-132 contained only updated and previously undisclosed data; (iii) the foregoing misrepresentation was a violation of ASCO policy and made Immunomedics’ IMMU-132 presentation subject to removal from the 2016 ASCO Annual Meeting schedule; and (iv) as a result of the foregoing, Immunomedics’ public statements were materially false and misleading at all relevant times.
On February 7, 2017, the Court issued an Order consolidating cases, appointing Lead Plaintiff, and approving Lead Counsel. Lead Plaintiff filed a consolidated Complaint on October 4. Defendants filed a Motion to Dismiss the consolidated Complaint on January 26, 2018. On March 31, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On May 30, Plaintiffs filed a second amended Complaint. Plaintiffs corrected the second amended Complaint on June 3.