NEW YORK, April 13, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Lion Biotechnologies Inc. ("Lion" or the "Company") (NASDAQ: LBIO). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Lion and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 10, 2017, the U.S. Securities and Exchange Commission ("SEC") reported that between September 2013 and March 2014, the Company's former Chief Executive Officer, Manish Singh, misled investors by commissioning over 10 internet publications and 20 widely distributed emails that purported to be independent from the Company and promoted Lion to potential investors, when in fact these communications were paid promotions.
On news of the SEC's findings, Lion's share price fell $0.40, or 6.11% over the following two trading days, to close at $6.15 on April 12, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP