BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming June 13, 2017 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of a class of investors who purchased or otherwise acquired Lion Biotechnologies, Inc. (“Lion” or the “Company”) (NASDAQ: LBIO) securities between November 14, 2013 and April 10, 2017, inclusive (the “Class Period”). Lion investors have until June 13, 2017 to file a lead plaintiff motion.
On April 10, 2017, the U.S. Securities and Exchange Commission found that between “September 2013 to March 2014, Lion, through its former Chief Executive Officer, Manish Singh, engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion to potential investors that purported to be independent from the company when, in fact, they were paid promotions.” On this news, the price of Lion shares declined, thereby injuring investors.
According to the Complaint, during the Class Period, Lion made false and/or misleading statements and/or failed to disclose: (1) that the Company, through its former Chief Executive Officer, Manish Singh, engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion to potential investors that purported to be independent from the company when, in fact, they were paid promotions; (2) that Singh engaged a notorious stock promotion firm to pay writers to publish articles about the Company on investment websites and to coordinate the distribution of articles to thousands of electronic mailboxes; (3) that Singh actively participated in the promotional work for Lion and understood that the promotion firm was using writers who would not disclose that Lion was indirectly compensating them for their publications; and (4) that as a result of the above, Lion's public statements were materially false and misleading at all relevant times.
If you purchased Lion securities, you may move the Court no later than June 13, 2017 to request appointment as lead plaintiff in the putative class action lawsuit. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action lawsuit. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to this lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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