NEW YORK--(BUSINESS WIRE)--The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating potential federal securities claims against Galena Biopharma, Inc. (“Galena” or the “Company”) (NASDAQ:GALE) and certain of its officers and directors in connection with allegations that the Company made materially misleading representations and omissions in connection with a brand awareness campaign aimed at boosting its stock price.
According to an article published in TheStreet.com on February 12, 2014, Galena engaged social media relations firm, the DreamTeam Group (“DreamTeam”), to write and publish articles under aliases promoting the Company’s stock without disclosing who paid for them. On this news, Galena’s stock price dropped $0.85 per share to close at $4.34 per share on February 12, 2014, a one-day decline of 16% on volume of nearly 24 million shares.
Two days later, on February 14, 2014, Galena issued a letter to its shareholders acknowledging that it had engaged the DreamTeam. On this news, Galena’s stock price dropped another $0.63 per share to close at $3.73 per share on February 14, 2014, a one-day decline of 14% on volume of nearly 41 million shares, and a decline of 50% from the stock’s Class Period high.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
Please contact us no later than May 5, 2014, if you own Galena securities and wish to discuss this matter with us, or have any questions concerning your rights and interests:
Gregory M. Nespole, Esq. or Gregory Stone, Director of Case and
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016