The Rosen Law Firm, P.A. Announces Proposed Settlement with Remaining Defendants in Galena Biopharmaceutical Securities Litigation

NEW YORK, Aug. 11, 2017 /PRNewswire/ --

UNITED STATES DISTRICT COURT

DISTRICT OF OREGON

TO:     ALL PERSONS WHO PURCHASED OR ACQUIRED COMMON STOCK OF GALENA BIOPHARMA, INC. ("GALENA") DURING THE PERIOD FROM AUGUST 6, 2013 THROUGH AND INCLUDING MAY 14, 2014

YOU ARE HEREBY NOTIFIED that Class Representatives in the above-captioned class action (the "Action") have proposed a settlement with Defendants The DreamTeam Group, LLC, Michael McCarthy, Lidingo Holdings, LLC and Kamilla Bjorlin (the "Remaining Defendants")  that provides for the Remaining Defendants to pay $165,000 for the benefit of the Settlement Class (the "Remaining Defendants Settlement"). 

The Remaining Defendants Settlement is in addition to the settlement with Defendants Galena Biopharma, Inc., Mark J. Ahn, Steven Kriegsman, Richard Chin, Stephen S. Galliker, Rudolph Nisi, Sanford J. Hillsberg, Ryan Dunlap, Mark Schwartz and Remy Bernarda (together with the Remaining Defendants, the "Defendants") for $19 million in cash and $1 million in Galena Stock (the "Galena Settlement").

A hearing will be held on November 17, 2017 at 3:00 p.m., before the Honorable Michael H. Simon in the United States District Court for the District of Oregon, 1000 Southwest Third Avenue, Portland, Oregon 97204, to determine: (1) whether the Remaining Defendants Settlement should be approved as fair, reasonable and adequate; (2) whether the Action should be dismissed with prejudice against the Remaining Defendants and the releases and liability protections specified and described in the Notice of Proposed Settlement (the "Notice")and the Remaining Defendants Settlement Stipulation should be granted; (3) whether Plaintiffs' application for an award of attorneys' fees of $41,250 and litigation expenses of $30,000 should be granted; and (4) any other matters relevant to the Remaining Defendants Settlement the Court considers necessary or appropriate (the "Settlement Hearing").

IF YOU PURCHASED GALENA COMMON STOCK DURING THE CLASS PERIOD (AUGUST 6, 2013 THROUGH AND INCLUDING MAY 14, 2014) (THE "CLASS"), YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.  If you have not yet received the full printed Notice, you may obtain a copy by contacting the Claims Administrator at:

In re Galena Biopharma, Inc. Securities Litigation
c/o KCC Class Action Services
PO Box 40007
College Station, TX 77842-4007

A copy of the Notice is also available at www.galenasecuritieslitigation.com.

If you are a member of the Class, did not previously submit a claim in the Galena Settlement, and wish to share in the Settlement money, you must submit a Proof of Claim no later than August 26, 2017 establishing that you are entitled to recovery.  As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, by no later than October 27, 2017. 

IF YOU PREVIOUSLY FILED A PROOF OF CLAIM WITH THE CLAIMS ADMINISTRATOR RELATED TO THE GALENA SETTLEMENT, YOU MAY RELY ON YOUR PREVIOUSLY FILED CLAIM AND NEED NOT FILE A SEPARATE PROOF OF CLAIM IN THIS REMAINING DEFENDANTS SETTLEMENT.    

Any objection to the proposed Settlement or application for attorneys' fees and reimbursement of litigation expenses must be filed with the Court no later than November 3, 2017 in the manner and form set forth in the Notice.  All objections must be prepared and served in accordance with the instructions set forth in the Notice.

Inquiries, other than requests for the Notice, may be made to Co-Class Counsel: Laurence M. Rosen, The Rosen Law Firm, P.A., 275 Madison Avenue, 34th Floor, New York, NY 10016, (T) (212) 686-1060, (F) (212) 202-3827, [email protected].

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE

SOURCE The Rosen Law Firm, P.A.