IRVINE, Calif.--(BUSINESS WIRE)--
Khang & Khang LLP (the “Firm”) announces that it is investigating claims against Galena Biopharma Inc. (“Galena” or the “Company”) (Nasdaq: GALE) concerning possible violations of federal securities laws.
If you purchased shares of Galena and want more information free of charge, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at [email protected].
Galena announced plans to “divest its commercial business,” which included the Company’s innovative cancer pain drug, Abstral. 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.
When this information was revealed to the investing public, the value of Galena fell significantly, causing investors harm.
If you have any 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 by e-mail at [email protected].
This press release may constitute Attorney Advertising in some jurisdictions.
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