Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Galena Biopharma, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Galena Biopharma, Inc. (“Galena” or the “Company”) (NASDAQ: GALE) of the May 5, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Galena and certain executives.
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Galena common stock between November 6, 2013 and February 14, 2014, inclusive (the “Class Period”) in the District of Oregon.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that the Company was employing a misleading brand awareness campaign for the purpose of raising its stock price.
On February 12, 2014, an article published on TheStreet.com disclosed the misleading campaign and also alleged that the Company paid an investor relations firm to publish articles under aliases aimed at boosting Galena’s stock price.
Subsequently, on February 14, 2014, the Company issued a shareholder letter admitting that it had employed the investor relations firm. Upon this news, the Company’s stock declined $0.63 per share, or over 16%, to close at $3.73 per share on February 14, 2014.
If you invested in Galena stock or options between November 6, 2013 and February 14, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Galena’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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