NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Lion Biotechnologies, Inc. (NASDAQ:LBIO) resulting from allegations that Lion may have issued materially misleading business information to the investing public.
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. Singh engaged Lidingo Holdings, a 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. Singh actively participated in Lidingo’s promotional work for Lion and understood that Lidingo was using writers who would not disclose that Lion was indirectly compensating them for their publications.” On this news, shares of Lion fell $0.20 per share or 3.05% to close at $6.35 per share on April 10, 2017.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Lion investors. If you purchased shares of Lion on or before April 10, 2017, please visit the firm’s website at http://www.rosenlegal.com/cases-1100.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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