On November 9, 2015, Galena revealed its plans to "divest its commercial business," which included Abstral, Galena's advanced cancer pain treatment. Folliwing this news, Galena stock dropped $0.19 per share, or 11%, to close at $1.53 per share on November 10, 2015.
On March 10, 2016, Galena released that "[a] federal investigation of two of the high-prescribing physicians for Abstral has resulted in the criminal prosecution of the two physicians for alleged violations of the federal False Claims Act and other federal statutes," and that it had received a trial subpoena for information related to the investigation. Galena also said that "other governmental agencies may be investigating our Abstral promotion practices," and that "on December 16, 2015, we received a subpoena issued by the U.S. Attorney's Office in District of New Jersey requesting the production of a broad range of documents pertaining to our marketing and promotional practices for Abstral." Following this news, Galena stock dropped $0.03 per share, or 3.3%, to close at $0.86 per share on March 11, 2016.
Then, on January 31, 2017, Galena announced Mark W. Schwartz's resignation. Schwartz was the Company President, Chief Executive Officer, and a member of the Board of Directors. Following this news, Galena stock again dropped $0.53 per share, or 32%, over a two day trading period to close at $1.12 per share on February 2, 2017.
If you are aware of any facts relating to this investigation, or purchased Galena shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/gale. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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SOURCE Bronstein, Gewirtz & Grossman, LLC