NEW YORK, May 8, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Lion Biotechnologies, Inc. ("Lion" or the "Company") (NASDAQ: LBIO) of the June 13, 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 Northern District of California on behalf of all those who purchased Lion securities between November 14, 2013 and April 10, 2017 (the "Class Period"). The case, Desilvio v. Lion Biotechnologies, Inc. et al, No. 3:17-cv-02086 was filed on April 14, 2017.
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, through its former Chief Executive Officer and President, Manish Singh ("Singh"), engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion to potential investors; (2) Singh had engaged a notorious stock promotion firm to pay writers to publish articles about the Company on investment websites; (3) Singh actively participated in Lidingo's promotional work for Lion and understood that Lidingo was using writers who would not disclose that Lion was indirectly compensating them for their publications; and (4) consequently, the Company's public statements were materially false and misleading at all relevant times.
Specifically, on May 14, 2014, the Company revealed it received a subpoena from the Securities and Exchange Commission ("SEC"). Then, after market on November 12, 2014, the Company issued a press release announcing the resignation of Singh. Lastly, on April 10, 2017, the SEC found that between September 2013 and March 2014, Lion, through Singh, engaged in the aforementioned scheme to mislead investors.
As a result of these disclosures, the share price of the Company declined, causing harm to investors.
Request more information now by clicking here: www.faruqilaw.com/LBIO . 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 email@example.com.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Lion'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.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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