UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No.15783 / June 17, 1998

SECURITIES AND EXCHANGE COMMISSION v. CHANGNIAN LIU
(United States District Court for the District of Massachusetts Civil Action No. 98CV11188-RGS)


The Securities and Exchange Commission ( Commission ) today announced the filing of a
complaint against Changnian Liu ( Dr. Liu ), Ph.D., of Omaha, Nebraska, a former research
scientist for Immunogen, Inc. ( Immunogen ), a Norwood, Massachusetts biotechnology
company.  The Commission s complaint charges Dr. Liu with insider trading in Immunogen
stock.  Simultaneously with the filing of the complaint, Dr. Liu consented to the entry of
an order of permanent injunction from future violations of the antifraud provisions of the
federal securities laws.  Dr. Liu also agreed to pay disgorgement of $41,700 of illegal
trading profits, plus prejudgment interest in the amount of $6,633, and to pay a civil
monetary penalty of $41,700. 
       
The complaint alleges that Dr. Liu purchased 30,000 shares of  Immunogen stock in advance
of the August 6, 1996 publication of Immunogen studies showing that the company s new drug
compound, C242-DM1, completely eradicated human colon tumors grown in mice.  Dr. Liu was
one of the lead authors of the paper describing the studies, which was published in The
Proceedings of the National Academy of Sciences ( PNAS ).  According to the complaint,
between July 30 and August 1, 1996, Dr. Liu, while in possession of the material non-
public information that the PNAS article would be published on August 6, 1996, purchased a
total of 30,000 shares of Immunogen common stock.  On August 6, 1996, after the Company s
press release announcing the publication, the price of Immunogen s common stock increased
nearly 65 percent,  to $5-5/16 per share, on heavy trading volume.   Dr. Liu, the
complaint alleges, immediately began selling the Immunogen shares he had recently
purchased and realized illegal insider trading profits of $41,700. 
       
Dr. Liu neither admitted nor denied the allegations in the complaint.  The complaint,
which was filed in the United States District Court for the District of Massachusetts,
alleges that Dr. Liu violated Section 10(b) of the Securities Exchange 
Act of 1934 and Rule 10b-5 thereunder.   

















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