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Sean McKessy, Chief of Whistleblower Office, to Leave SEC

Washington D.C.–(Newsfile Corp. – July 8, 2016) – The Securities and Exchange Commission today announced that Sean McKessy, Chief of the SEC’s Office of the Whistleblower, is planning to leave the agency later this month.

Mr. McKessy became the first head of SEC’s whistleblower program in February 2011 and helped establish the whistleblower office that assesses and reviews all whistleblower tips received by the agency, evaluates whistleblower award claims, and makes recommendations to the Commission on whether claimants have satisfied eligibility requirements to receive an award.

“The SEC’s whistleblower program has had a transformative impact on the agency, and Sean’s service as the first head of the Whistleblower Office has contributed greatly to the program’s success,” said Andrew J. Ceresney, Director of the SEC’s Enforcement Division. “Sean has been a staunch advocate for whistleblowers, a relentless promoter of the program, and an invaluable advisor on these issues.”

Mr. McKessy said, “It has been an honor and pleasure to serve as the first Chief of the SEC’s Office of the Whistleblower. Working with the extraordinarily talented and dedicated staff of the Whistleblower Office and the Enforcement Division in standing up a groundbreaking and exemplary Whistleblower Office has been the highlight of my professional career.”

During Mr. McKessy’s tenure as Chief of the Office of the Whistleblower:

  • The office has reviewed more than 14,000 whistleblower tips from individuals in every state in the country as well as the District of Columbia and 95 foreign countries.
  • More than $85 million has been awarded to 32 whistleblowers. Because of the information and assistance provided by these whistleblowers, the SEC was able to bring successful enforcement actions where more than $504 million was ordered in sanctions, including more than $346 million in disgorgement and interest for harmed investors. More than $453 million has been collected in connection with these actions as well as successful related actions.
  • The SEC also has brought actions to ensure that employees feel secure in reporting wrongdoing to the SEC, without fear of reprisal from their employers, including its first enforcement actions under the anti-retaliation provisions of the Dodd-Frank Act and against a company for including language in confidentiality agreements that impeded whistleblowers from reporting to the SEC.

Mr. McKessy also worked at the SEC from 1997 to 2000, serving as a Senior Counsel in the Enforcement Division.

Mr. McKessy has served as corporate secretary for Altria Group Inc. and AOL Inc., and as securities counsel for Caterpillar Inc. In these roles, Mr. McKessy developed and supervised internal compliance and reporting programs related to the federal securities laws, served as corporate compliance officer, and coordinated the reporting of potential violations to boards of directors.

Mr. McKessy received the SEC’s Law and Policy Award in 2011 for his involvement with the implementation of the Dodd-Frank Act.

The Whistleblower Office’s Deputy Chief Jane Norberg will serve as Acting Chief following Mr. McKessy’s departure.

Lexaria Bioscience’s CEO Chis Bunka is Interviewed by Tia Borden of InvestmentPitch Media – Video on InvestmentPitch.com

Vancouver, British Columbia–(Newsfile Corp. – July 8, 2016) – Lexaria Bioscience’s (CSE: LXX) (OTCQB: LXRP) CEO Chis Bunka is interviewed by Tia Borden of InvestmentPitch Media.

This video interview can be viewed at InvestmentPitch.com (click here) or on YouTube (click here). If these links are not enabled, please visit www.InvestmentPitch.com and enter “Lexaria” the search box.

Cannot view this video? Visit:
http://www.investmentpitch.com/video/0_5hj7xhg3/Tia-Borden-of-InvestmentPitch-Media-interviews-CEO-Chris-Bunka-of-Lexaria-BioScience-CSE-LXX

Lexaria Bioscience is a food sciences company focused on the delivery of active compounds that can behave as superfoods through its proprietary infusion technologies.

Lexaria’s technology enables higher bioavailability rates for CBD; THC; NSAIDs; Nicotine and other molecules than is possible without lipophilic enhancement technology. This can allow for lower overall dosing requirements and/or higher effectiveness in active molecule delivery.

Lexaria hopes to reduce other common but less healthy ingestion methods such as smoking as it embraces the benefits of public health.

The company intends to complete a non-brokered private placement financing of 5,000,000 equity units priced at US$0.06 (approx. CDN $0.078); each equity unit consisting of one share and one non-transferable warrant. Each warrant is exercisable at US$0.14 for a period of two years from the date of issuance.

All funds raised of up to US$300,000 will be used to continue deployment and marketing of hemp based food products, for investor relations, for research and development including addition in vitro work, and for G&A and general working capital.

For more information, please visit the company’s website www.lexariaenergy.com, or contact Chris Bunka, Chairman & CEO, at 250-765-6424 or email bossbunka@gmail.com.

About InvestmentPitch Media

InvestmentPitch Media is arguably the largest producer and distributer of video news content, primarily for small and mid-cap companies. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.

CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
bmorgan@investmentpitch.com

Micromem Issues Update

Toronto, Ontario and New York, New York–(Newsfile Corp. – July 8, 2016) – Micromem Technologies Inc. (CSE: MRM) (OTCQX: MMTIF) (“Micromem”) (“the Company”) through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), announces that our development projects are ongoing and are at various stages of deployment. Our project partners continue to fund the projects and historically these funds have been reported as a recovery of Deferred Development Costs. The ongoing funding of these projects by our partners is a demonstration that we are continuing to meet our development milestones and is a commitment from our partners to advance these projects. Currently, we have no indication that our partners will not complete their commitments. The Company’s expectation is to realize commercial revenues from these projects.

Micromem is subject to newly executed Non- Disclosure Agreements and is currently unable to report specific details of these projects other than to report that these projects are proceeding.

About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCQX: MMTIF) (CSE: MRM) company. MASTInc analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated magnetic sensor applications, MASTInc successfully powers the development and implementation of innovative solutions for oil & gas, utilities, automotive, healthcare, government, information technology, manufacturing, and other industries. Visit www.micromeminc.com www.mastinc.com.

Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company’s actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; continued consumer adoption of digital technology; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer and technological demands; inability to replace significant customers; seasonal nature of our business; and other risks detailed in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions may be used to identify forward-looking statements.

The CSE or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.

###

Listing: NASD OTC-QX – Symbol: MMTIF
CSE
– Symbol: MRM
Shares issued: 200,855,536
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023
Subscribe to receive News Releases by Email on our website’s home page. www.micromeminc.com

IIROC Trade Halt – Cub Energy Inc.

Vancouver, British Columbia–(Newsfile Corp. – July 8, 2016) – The following issues have been halted by IIROC:

Company:

Cub Energy Inc.

TSX-V Symbol:

KUB

Reason:

At the Request of the Company Pending News

Halt Time (ET)

13:57

IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

– 30 –

For further information: IIROC Inquiries 1-877-442-4322 (Option 3) – Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.

IIROC Trade Resumption – Cub Energy Inc.

Vancouver, British Columbia–(Newsfile Corp. – July 8, 2016) – Trading resumes in:

Company:

Cub Energy Inc.

TSX-V Symbol:

KUB

Resumption Time (ET):

15:00

IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

– 30 –

For further information: IIROC Inquiries 1-877-442-4322 (Option 3) – Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in CBL & Associates Properties, Inc. of Class Action Lawsuit and Upcoming Deadline – CBL

By Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / July 8, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed on behalf of CBL & Associates Properties, Inc. (“CBL” or the “Company”) (NYSE: CBL) and certain of its officers. The class action, filed in United States District Court, Eastern District of Tennessee, and docketed under 16-cv-00195, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired CBL securities between August 8, 2013 and May 24, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased CBL securities during the Class Period, you have until July 26, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this
class action]

CBL, a real estate investment trust (“REIT”), purports to be one of the largest and most active owners and developers of malls and shopping centers in the United States, owning, holding interests in, or managing more than 140 properties across 31 states.

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) certain of its employees may have provided material non-public information to Senator Robert Corker; and (ii) the Company failed to disclose to its shareholders that certain of its financing arrangements were obtained through fraud and/or misrepresentation; and (iii) as a result of the foregoing, CBL’s public statements were materially false and misleading at all relevant times.

In November 2015, a political watchdog group filed a complaint with the Securities and Exchange Commission (“SEC”) alleging that Tennessee Senator Robert Corker, who has significant personal ties to CBL, may have engaged in insider trading of CBL stock using material, non-public information. CBL was not a named party in that complaint and refrained from comment on the allegations against Senator Corker.

On May 24, 2016, after the markets had closed, the Wall Street
Journal
reported that CBL is under investigation by both the Federal Bureau of Investigation (“FBI”) and the SEC for allegedly inflating the Company’s “rental income and occupancy rates for its properties when providing those figures to banks” when applying for financing arrangements, according to former CBL employees who have been questioned by the federal agencies. The article also claimed that “FBI and SEC officials have also separately asked questions about the relationship between the company and Mr. Corker, who is close with senior executives at the firm and has made millions of dollars in profits trading the company’s stock in recent years.”

On this news, CBL’s stock fell by $0.86, nearly 9% on heavy volume, to close at $9.40 on May 25, 2016. This represented a loss in market capitalization of approximately $150 million.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

ReleaseID: 442128

FINAL DEADLINE – Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action against HCP, Inc. (HCP) and Lead Plaintiff Deadline: July 11, 2016

By Bronstein, Gewirtz and Grossman, LLC

NEW YORK, NY / ACCESSWIRE / July 8, 2016 / Bronstein, Gewirtz & Grossman, LLC, reminds investors of class action against HCP, Inc. (“HCP” or “the Company”) (NYSE: HCP). The class action has been filed on behalf of a class consisting of all persons or entities who purchased HCP from March 30, 2015 through February 8, 2016, inclusive (the “Class Period”).

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that Defendants violated securities laws by misleading investors and failing to disclose that during the class one HCP’s chief clients, ManorCare, was engaged in extensive billing fraud that may have generated roughly $6 billion in false settlement claims, and that the value of HCP’s interest in ManorCare was dubious.

On April 21, 2015, HCP revealed that the U.S. Department of Justice had intervened in whistleblower lawsuits. On May 5, 2015, HCP reported a $478 million non-cash impairment charge in connection with its lease arrangements with ManorCare. On February 9, 2016, HCP revealed that its equity stake in ManorCare had been written down to zero, and that it had taken an $836 million non-cash impairment on its ManorCare lease assets and placed all of its ManorCare real estate assets on a “Watch List.”

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm’s website: http://www.bgandg.com/#!hcp/cv82w. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in HCP you have until July 11,
2016
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442123

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on Their Investment in Eagle Pharmaceuticals, Inc. of Class Action Lawsuit and Upcoming Deadline – EGRX

By Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / July 8, 2016 / Pomerantz LLP announces that a class action lawsuit has been against Eagle Pharmaceuticals, Inc. (“Eagle Pharmaceuticals” or the “Company”) (NASDAQ: EGRX) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 16-cv-03091, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Eagle Pharmaceuticals securities between February 23, 2016 and March 18, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Eagle Pharmaceuticals securities during the Class Period, you have until August 1, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this
class action]

Eagle Pharmaceuticals is a specialty pharmaceutical company focused on the development and commercialization of injectable products, primarily in the critical care and oncology areas. Eagle Pharmaceuticals is headquartered in Woodcliff Lake, New Jersey.

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: the Company made misrepresentations about the FDA approval process for its new anticoagulant drug, KANGIO™.

On February 25, 2016, Eagle Pharmaceutical’s CEO stated, regarding the pending New Drug Application for KANGIO™, “We have been interacting with FDA and we are preparing for launch, everything seems to be on track for a March 19 approval, and we anticipate shipping in late Q1 or early Q2.”

However, on March 18, 2016, Eagle Pharmaceuticals announced that it had received a Complete Response Letter from the FDA stating that the FDA “cannot approve the application in its present form and requested additional information” regarding the substances used in KANGIO™.

On this news, Eagle Pharmaceuticals stock fell $10.18, or 18.96%, to close at $43.50 on March 18, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

ReleaseID: 442129

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on Their Investment in Oracle Corporation of Class Action Lawsuit and Upcoming Deadline – ORCL

By Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / July 8, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed on behalf of Oracle Corporation (“Oracle” or the “Company”) (NYSE: ORCL) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-02966, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Oracle securities between September 16, 2015 and June 1, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Oracle securities during the Class Period, you have until August 1, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

Oracle develops, manufactures, markets, sells, hosts, and supports database and middleware software, application software, cloud infrastructure, hardware systems, and related services worldwide. Oracle is among the world’s largest software makers by revenue. Through its Oracle Cloud offerings, the Company purports to be a leader in the core technologies of cloud information technology environments, including database and middleware software as well as enterprise applications, virtualization, clustering, large-scale systems management and related infrastructure. The Company’s Oracle Cloud offerings include Software-as-a-Service, Platform-as-a-Service, and Infrastructure-as-a-Service offerings.

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) Oracle used improper accounting practices to inflate the Company’s cloud computing revenues by millions of dollars; (ii) in violation of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), Oracle had terminated a Senior Finance Manager for raising the Company’s improper accounting practices to the attention of her supervisors; and (iii) as a result of the foregoing, Oracle’s public statements were materially false and misleading at all relevant times.

On June 1, 2016, after the market closed, media outlets reported that a former Senior Finance Manager at Oracle, Svetlana Blackburn (“Blackburn”), had sued the Company for terminating her for complaining about improper accounting practices in Oracle’s cloud services business. In a complaint filed in U.S. District Court for the Northern District of California, Blackburn accused Oracle’s upper management of trying to push her to “fit square data into round holes” to make Oracle Cloud Services’ results look better. Blackburn’s lawsuit accused Oracle of violating the anti-retaliation provisions of the Sarbanes-Oxley Act and the Dodd-Frank Act and alleged that Blackburn was terminated on October 15, 2015, just one month after the alleged wrongdoing began, and two months after she received a positive performance review.

On this news, Oracle stock fell $1.60, or 3.97%, to close at $38.66 on June 2, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

ReleaseID: 442130

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on Their Investment in Immunomedics, Inc. of Class Action Lawsuit and Upcoming Deadline – IMMU

By Pomerantz LLP


NEW YORK, NY / ACCESSWIRE / July 8, 2016 /
Pomerantz LLP announces that a class action lawsuit has been filed against Immunomedics, Inc. (“Immunomedics” or the “Company”) (NASDAQ: IMMU) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Immunomedics securities between April 20, 2016 and June 2, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Immunomedics securities during the Class Period, you have until August 8, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click
here to join this class action]

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 April 19, 2016, Immunomedics announced that the Company would present updated results for its IMMU-132 treatment at ASCO’s Annual Meeting in June 2016.

On June 2, 2016, after the market closed, media outlets reported that ASCO had removed a scheduled presentation by Immunomedics regarding the Company’s IMMU-132 breast cancer drug from ASCO’s annual meeting. ASCO stated that Immunomedics 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.

As a result of this news, Immunomedics shares fell $0.78, or 14.72%, to close at $4.52 on June 3, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP 

ReleaseID: 442132