|[April 11, 2014]
Lieff Cabraser Reminds Galena Biopharma, Inc. Investors of Upcoming Deadline in Class Action Litigation - GALE
SAN FRANCISCO --(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.
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
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.
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