NEW YORK, April 11, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Lion Biotechnologies, Inc. ("Lion" or the "Company") (NASDAQ: LBIO).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company was involved in a scheme to artificially and illegally raise its stock price.
Specifically, in a Form 10-Q filed on May 14, 2014 with the Securities and Exchange Commission ("SEC"), the Company announced that it had received a subpoena from the SEC regarding an investigation of Galena Biopharma's use of the Dream Team Group to run undisclosed paid stock promotions. On this information, the Company's stock price declined.
Then, on April 10, 2017, the SEC's investigation concluded that its former Chief Executive Officer, Manish Singh, who resigned December 31, 2014, hired Lidingo Holdings, a stock promotion firm, to write over 10 internet publications and 20 widely distributed emails promoting Lion to potential 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 firstname.lastname@example.org.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Lion's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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