Galena Biopharma, Inc. (Nasdaq: GALE)
A class action has been filed in the 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”).
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.
If you are a current shareholder and/or purchased stock between November 6, 2013 and February 14, 2014 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.