Lieff Cabraser Reminds Galena Biopharma, Inc. Investors of Upcoming Deadline in Class Action Litigation – GALE
April 11 2014 - 6:28PM
Business Wire
Lieff Cabraser Heimann & Bernstein, LLP reminds investors of
the May 5, 2014 deadline to move for appointment as lead plaintiff
in the securities class litigation 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 March 17, 2014, inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of Galena
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.
The actions charge Galena and certain of its officers and
directors with violations of the federal securities laws. The
actions allege that, throughout the Class Period, defendants failed
to disclose that Galena had hired a promoter to boost its share
price and that the promoter had posted misleading articles on
behalf of Galena without properly disclosing its paid
relationship.
On February 12, 2014, TheStreet.com published an article
claiming that Galena 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%, to close at $4.34 per share on February 12, 2014.
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%, to
close at $3.73 per share.
On March 17, 2014, Galena announced that it was under
investigation by the Securities and Exchange Commission. On this
news, the price of Galena’s stock dropped $0.40 per share, or
12.42%, to close at $2.82 on March 18, 2014.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate
responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs’ law firms in the nation. Best Lawyers
and U.S. News have also named Lieff Cabraser as a “Law Firm of the
Year” each year the publications have given this award to law
firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
Lieff Cabraser Heimann & Bernstein, LLPSharon M. Lee,
415-956-1000
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