LOS ANGELES, April 25, 2017 /PRNewswire/ -- Lundin Law PC , a shareholder rights law firm, announces the filing of a class action lawsuit against Lion Biotechnologies, Inc. ("Lion" or the "Company") (Nasdaq: LBIO) concerning possible violations of federal securities laws between November 14, 2013 and April 10, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the June 13, 2017 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, during the Class Period, Lion made false and/or misleading statements and/or failed to disclose: that the Company, through its former Chief Executive Officer ("CEO") Manish Singh, engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion to potential investors that purported to be independent from the company when, in fact, they were paid promotions; that former CEO Singh engaged a notorious stock promotion firm to pay writers to publish articles about the Company on investment websites and to coordinate the distribution of articles to thousands of electronic mailboxes; that former CEO Singh actively participated in the promotional work for Lion and understood that the promotion firm was using writers who would not disclose that Lion was indirectly compensating them for their publications; and that as a result of the above, Lion's public statements were materially false and misleading at all relevant times. When this news was released, Lion shares fell in value materially, which caused investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC