WAYNE, Pa., March 19, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Oregon on behalf of a class (the "Class") comprising all purchasers of Galena Biopharma, Inc. ("Galena" or the "Company") (NASDAQ: GALE) securities between November 6, 2013 and February 14, 2014, inclusive (the "Class Period").
If you purchased shares of Galena and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/gale. You may also email Mr. Maniskas at email@example.com.
The Complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose that: (1) the Company hired a promoter – The DreamTeam Group – to boost Galena's share price; (2) the promoter posted misleading articles on Galena's behalf without properly disclosing its paid marketing relationship; and (3), as a result, the Company's statements were materially false and misleading at all relevant times.
On February 12, 2014, TheStreet.com published an article alleging that several articles touting Galena, which were posted on the SeekingAlpha.com website under the guise of different individual investors, were removed from the site after it was discovered that the articles were written by the same person, without disclosure of the paid marketing relationship to Galena. Then, on February 14, 2014, in a Company-issued press release, Galena admitted that it had paid The DreamTeam Group to promote its stock.
On March 18, 2014, Galena acknowledged that the United States Securities and Exchange Commission has opened an investigation into whether Galena misled its investors.
If you are a member of the class, you may, no later than May 5, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP