SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

March 14, 2014 21:05 ET

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Galena Biopharma, Inc. to Contact the Firm

NEW YORK, NY--(Marketwired - Mar 14, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Galena Biopharma, Inc. ("Galena" or the "Company") (NASDAQ: GALE) of the May 5, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Galena and certain executives.

A complaint has been filed on behalf of all persons who purchased or otherwise acquired Galena common stock between November 6, 2013 and February 14, 2014, inclusive (the "Class Period") in the District of Oregon.

The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.

Specifically, the action alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that the Company was employing a misleading brand awareness campaign for the purpose of raising its stock price. 

On February 12, 2014, an article published on TheStreet.com disclosed the misleading campaign and also alleged that the Company paid an investor relations firm to publish articles under aliases aimed at boosting Galena's stock price.

Subsequently, on February 14, 2014, the Company issued a shareholder letter admitting that it had employed the investor relations firm. Upon this news, the Company's stock declined $0.63 per share, or over 16%, to close at $3.73 per share on February 14, 2014.

Request more information now by clicking here: www.faruqilaw.com/GALE. There is no cost or obligation to you.

Take Action

If you invested in Galena stock or options between November 6, 2013 and February 14, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/GALE. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Galena's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
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    Francis McConville, Esq.
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    Telephone: (877) 247-4292 or (212) 983-9330