MERION, Pa., March 12, 2014 /PRNewswire/ -- The Law Offices of Marc S. Henzel announces that a class action lawsuit was filed against Galena Biopharma, Inc. (Nasdaq: GALE) ("GALE" or the "Company") and certain of its officers in United States District Court for the District of Oregon on behalf of a class (the "Class") comprising all purchasers of Galena Biopharma, Inc. (Nasdaq: GALE) securities between November 6, 2013 and February 14, 2014, inclusive (the "Class Period").
If you are a shareholder who purchased GALE securities during the Class Period, you have until May 5, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. To discuss the action, please contact Marc S. Henzel (610) 660-8000, Mhenzel@Henzellaw.com, or to sign up online, visit the firm's website at www.henzellaw.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.
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SOURCE Law Offices of Marc S. Henzel