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 District of New Jersey on behalf of purchasers of Galena Biopharma, Inc. (Nasdaq: GALE) (“Galena” or the “Company”) securities during the period between August 11, 2014 through January 31, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until April 14, 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 Galena 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 the Company’s sales of Abstral were based on unsustainable sales and marketing practices and could subject Galena to a criminal investigation.

According to the complaint, following a December 22, 2015 announcement that the Company received a subpoena from the U.S. Attorney’s Office for the District of New Jersey relating to Abstral, a January 9, 2017 update on the investigation disclosing that the investigation is criminal and civil, and a January 31, 2017 press release announcing the resignation of the Company’s President and Chief Executive Officer, the value of Galena shares declined significantly.

If you have suffered a loss in excess of $100,000 from investment in Galena securities purchased on or after August 11, 2014 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 protected] 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.

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