June 8, 2016 (Shareholders Foundation) - An investigation on behalf of investors of Immunomedics, Inc. (NASDAQ:IMMU) shares over potential securities laws violations by Immunomedics, Inc. and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Immunomedics, Inc. (NASDAQ:IMMU) concerning whether a series of statements by Immunomedics, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

On June 2, 2016, after the market closed, media outlets reported that the American Society of Clinical Oncology ('ASCO') had removed a scheduled presentation by Immunomedics regarding the Company's IMMU-132 breast cancer drug from the American Society of Clinical Oncology's annual meeting. The American Society of Clinical Oncology stated that Immunomedics, Inc. had misrepresented that the Company's abstract for IMMU-132 contained updated and previously undisclosed results from a mid-stage study, when in fact the IMMU-132 data that Immunomedics submitted were old and previously seen.

Shares of Immunomedics, Inc. (NASDAQ:IMMU) declined to as low as $3.83 per share on June 6, 2016.