LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC announces that it is investigating Galena Biopharma Inc. (“Galena” or the “Company”) (Nasdaq: GALE) concerning possible violations of federal securities laws.
If you purchased or otherwise acquired Galena shares and would like more information regarding the investigation, we encourage you to click here, or 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 without cost to you. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at firstname.lastname@example.org.
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.
If you have any questions concerning your legal rights, please immediately contact Goldberg Law PC at 800-977-7401, or visit our website at http://www.Goldberglawpc.com, or email us at email@example.com.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.