LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Lion investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
According to the Complaint, during the Class Period, Lion made false and/or misleading statements and/or failed to disclose: that the Company, through its former Chief Executive Officer ("CEO") 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; that former CEO 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; that former CEO 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 that as a result of the above, Lion's public statements were materially false and misleading at all relevant times. When this news was released, Lion shares fell in value materially, which caused investors harm.
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.
If you purchased shares of Lion during the Class Period you may move the Court no later than June 13, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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. 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 these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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