NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Lion Biotechnologies, Inc. (NASDAQ: LBIO) securities between November 14, 2013 and April 10, 2017 (the “Class Period”). Investors have until June 13, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Lion Biotechnologies, through its former CEO Manish Singh, misled investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion Biotechnologies to potential investors; (2) Singh engaged a notorious stock promotion firm to publish articles about Lion Biotechnologies on investment websites and coordinate the articles’ distribution to thousands of electronic mailboxes; and (3) Singh understood that the promotion firm would not disclose that Lion Biotechnologies was indirectly compensating them for their publications. As a result, Defendants’ public statements were materially false and misleading throughout the Class Period.
On May 14, 2014, the Company revealed it received a subpoena from the Securities and Exchange Commission (“SEC”). Then, post-market on November 12, 2014, the Company issued a press release announcing former CEO Singh’s resignation. Lastly, on April 10, 2017, the SEC found that between September 2013 and March 2014, Lion Biotechnologies, through Singh, engaged in the aforementioned scheme to mislead investors.
If you purchased or otherwise acquired Lion Biotechnologies securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Lion Biotechnologies lawsuit, please go to www.bespc.com/lbio. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.
