STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Lion Biotechnologies, Inc. (NASDAQ: LBIO) (“Lion” or the “Company”) securities during the period between November 14, 2013 and April 10, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until June 13, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Lion securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that through its former CEO Manish Singh, Lion commissioned over 10 internet publications and 20 widely distributed emails promoting the Company to potential investors that purported to be independent from the company when, in truth, they were paid promotions, Singh engaged a notorious stock promotion firm to pay writers to publish articles about Lion on investment websites, as well as to coordinate the distribution of articles to thousands of electronic mailboxes, and Singh actively participated in the promotional work for the Company and understood that the promotion firm was using writers who would not disclose that Lion was indirectly compensating them for their publications.
According to the complaint, following a May 14, 2014 announcement that Lion had received a subpoena from the U.S. Securities and Exchange Commission (“SEC”), a November 12, 2014 announcement of management changes, and an April 10, 2017 announcement of the SEC’s findings, the value of Lion shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Lion securities purchased on or after November 14, 2013 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.