NEW YORK, April 3, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Galena Biopharma, Inc. ("Galena" or the "Company") (NASDAQ: GALE) of the April 14, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Galena securities between August 11, 2014 and January 31, 2017, (the "Class Period"). The case, MILLER v. GALENA BIOPHARMA, INC. et al, No. 2:17-cv-00929 was filed on February 13, 2017, and has been assigned to Judge Kevin Charles McNulty.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company's sales of Abstral, a treatment for pain in cancer patients, were based on unsustainable sales and marketing practices; (2) such sales and marketing practices could subject the Company to a criminal investigation; and (3) as a result, the Company's statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis.
According to the complaint, following a December 22, 2015 announcement that the Company received a subpoena from the U.S. Attorney's Office for the District of New Jersey relating to Abstral, a January 9, 2017 update on the investigation disclosing that the investigation is criminal and civil, and a January 31, 2017 press release announcing the resignation of the Company's President and Chief Executive Officer, the value of Galena shares declined significantly, causing harm to investors.
Request more information now by clicking here: www.faruqilaw.com/GALE. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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