The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that
it is investigating potential federal securities claims against Galena
Biopharma, Inc. (“Galena” or the “Company”) (NASDAQ:GALE) and certain of
its officers and directors in connection with allegations that the
Company made materially misleading representations and omissions in
connection with a brand awareness campaign aimed at boosting its stock
price.
According to an article published in TheStreet.com on February
12, 2014, Galena engaged social media relations firm, the DreamTeam
Group (“DreamTeam”), to write and publish articles under aliases
promoting the Company’s stock without disclosing who paid for them. On
this news, Galena’s stock price dropped $0.85 per share to close at
$4.34 per share on February 12, 2014, a one-day decline of 16% on volume
of nearly 24 million shares.
Two days later, on February 14, 2014, Galena issued a letter to its
shareholders acknowledging that it had engaged the DreamTeam. On this
news, Galena’s stock price dropped another $0.63 per share to close at
$3.73 per share on February 14, 2014, a one-day decline of 14% on volume
of nearly 41 million shares, and a decline of 50% from the stock’s Class
Period high.
Wolf Haldenstein has represented individual and institutional investors
for many years, serving as lead counsel in numerous cases in United
States federal and state courts. Please visit the Wolf Haldenstein
website (http://www.whafh.com)
for more information about the firm.
Please contact us no later than May 5, 2014, if you own Galena
securities and wish to discuss this matter with us, or have any
questions concerning your rights and interests:
Gregory M. Nespole, Esq. or Gregory Stone, Director of Case and
Financial Analysis
Wolf Haldenstein Adler Freeman & Herz LLP
270
Madison Avenue
New York, New York 10016
Phone Numbers:
(800) 575-0735
(212) 545-4774
Email:
Classmember@whafh.com
or stone@whafh.com and please
reference “Galena Investigation.”
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Copyright Business Wire 2014