LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Galena Biopharma Inc. (“Galena” or the “Company”) (Nasdaq: GALE) concerning possible violations of federal securities laws. Investors, who purchased or otherwise acquired shares between August 11, 2014 and January 31, 2017 inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the April 14, 2017 lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here. In addition, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Galena disclosed plans to “divest its commercial business,” which included the Company’s innovative cancer pain drug, Abstral.
On March 10, 2016, the Company revealed that “[a] federal investigation of two of the high-prescribing physicians for Abstral has resulted in the criminal prosecution of the two physicians for alleged violations of the federal False Claims Act and other federal statutes,” and that the Company was issued a trial subpoena for documents in regards to that investigation. The Company also noted that “other governmental agencies may be investigating our Abstral promotion practices,” and that “on December 16, 2015, we received a subpoena issued by the U.S. Attorney’s Office in District of New Jersey requesting the production of a broad range of documents pertaining to our marketing and promotional practices for Abstral.”
On January 31, 2017, Galena revealed that Mark W. Schwartz, President and Chief Executive Officer during this time, was resigning from his position.
When this information was revealed to the investing public, the value of Galena fell significantly, causing investors harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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