SAN DIEGO, March 10, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers Galena Biopharma Inc (GALE) common stock over alleged violations of Federal Securities Laws by Galena Biopharma Inc in connection with certain allegedly false and misleading statements.
If you purchased shares of Galena Biopharma Inc (GALE), you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that defendants violated the federal securities laws by disseminating allegedly false and misleading statements to the investing public and that as a result of defendants' statements, Galena Biopharma Inc's stock traded at allegedly artificially inflated prices between November 6, 2013 and February 14, 2014, reaching a high of $7.48 per share on January 16, 2014.
On February 12, 2014 an article was published alleging that Galena Biopharma Inc has engaged in a misleading brand awareness campaign designed to boost Galena's stock price. The article said that "aided by this promotional campaign, Galena shares tripled in value from this summer. Coincidence or not, Galena insiders have made millions of dollars by selling company stock in January." Additionally, the article represented that Galena Biopharma Inc paid investor relations firm The DreamTeam Group to publish articles under aliases promoting the Company's stock without disclosing who paid for them.
On February 14, 2014, Galena Biopharma Inc issued a letter to its shareholders denying most of the allegations while acknowledging that the Company had engaged The DreamTeam Group.
Shares of Galena Biopharma Inc (GALE) declined from $7.48 per share on January 16, 2014 to $3.20 on March 7, 2014.
The plaintiff seeks to recover damages on behalf of all purchasers of Galena Biopharma Inc (GALE) common stock between November 6, 2013 and February 14, 2014.
Those who purchased shares of Galena Biopharma Inc have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc.
Trevor Allen
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
