IRVINE, Calif.--(BUSINESS WIRE)--Khang & Khang LLP (the “Firm”) announces a class action lawsuit against Galena Biopharma, Inc. (“Galena” or the “Company”) (Nasdaq: GALE). 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 purchased shares of Galena during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
The complaint alleges that throughout the Class Period, Galena made false and/or misleading statements and/or failed to disclose that: the Company’s sales of Abstral were based on unsustainable sales and marketing practices; that such sales and marketing practices could subject the Company to a criminal investigation; and that as a result of the above, Galena’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 10, 2016, the Company disclosed 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 related 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 announced that Mark W. Schwartz, President and Chief Executive Officer during this time, was resigning from his position.
If you wish to learn more about this lawsuit, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.
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