The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that
class action litigation has been brought on behalf of those who
purchased or otherwise acquired the securities of Galena Biopharma, Inc.
(“Galena” or the “Company”) (Nasdaq:GALE), between May 9, 2013 and
February 14, 2014, inclusive (the “Class Period”).
If you purchased or otherwise acquired Galena securities during the
Class Period, you may move the Court for appointment as lead plaintiff
by no later than May 5, 2014. A lead plaintiff is a representative party
who acts on behalf of other class members in directing the litigation.
Your share of any recovery in the action will not be affected by your
decision of whether to seek appointment as lead plaintiff. You may
retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Galena
investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Sharon M.
Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Galena Securities Class
Litigation
The actions charge Galena and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Galena, based in
Portland, Oregon, is a biotechnology company focused on the development
and commercialization of targeted oncology treatments.
The actions allege that, throughout the Class Period, defendants made
false and/or misleading statements and failed to disclose material
adverse information about Galena’s business, operations, and prospects,
including the fact that Galena had hired a promoter to boost its share
price and that the promoter had posted misleading articles on behalf of
the Company without properly disclosing its paid relationship. As a
result of defendants’ false statements, Galena’s stock traded at
artificially inflated prices during the Class Period, reaching a high of
$7.48 per share on January 16, 2014. While the stock price was
artificially inflated, Company insiders sold over 2.8 million shares of
Galena stock for more than $15.2 million in proceeds.
On February 12, 2014, TheStreet.com published an article entitled
“Galena Biopharma Pays For Stock-Touting Campaign While Insiders Cash
Out Millions” claiming that Galena was engaging in a misleading “brand
awareness campaign” directed at boosting its stock price, and that the
Company had paid an investor relations firm, The DreamTeamGroup (“The
DreamTeam”), to publish articles under aliases promoting Galena’s stock
without disclosing who had paid for them. On this news, the price of
Galena’s stock fell $0.85 per share, or 16.38%, from a closing price of
$5.19 on February 11, 2014, to close at $4.34 per share on February 12,
2014, on extraordinarily high trading volume.
On February 14, 2014, Galena issued a letter to shareholders conceding
that it had hired The DreamTeam. On this news, the price of Galena’s
stock fell an additional $0.63 per share, or 14.4%, from a closing price
of $4.36 on February 13, 2014, to close at $3.73 per share on February
14, 2014, on extremely high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, and Nashville, is a nationally recognized law firm committed
to advancing the rights of investors and promoting corporate
responsibility.
The National Law Journal has selected Lieff Cabraser as one of
the top plaintiffs’ law firms in the nation for eleven years. In
compiling the list, the National Law Journal examined recent
verdicts and settlements in addition to overall track records. Lieff
Cabraser is one of only two plaintiffs’ law firms in the United States
to receive this honor for the last eleven consecutive years.
For more information about Lieff Cabraser and the firm’s representation
of investors, please visit http://www.lieffcabraser.com.
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Copyright Business Wire 2014