IMPORTANT LION BIOTECHNOLOGIES, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Lion Biotechnologies, Inc.

NEW YORK, April 20, 2017 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces  that  a  class   action  lawsuit  has   been  filed  against   Lion Biotechnologies, Inc. (“Lion Biotechnologies” or the “Company”)  (Nasdaq:LBIO) in the United States District Court for the Northern District of California on behalf of a class consisting of investors who purchased or otherwise  acquired Lion Biotechnologies stock on the open market from November 14, 2013 through April 10, 2017,  inclusive  (the “Class  Period”)

Investors who have incurred losses in Lion Biotechnologies, Inc. shares are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com. 

If   you   have   purchased   Lion Biotechnologies, Inc. shares and would like to assist with the litigation process as a lead plaintiff, you may, no later  than  June 13, 2017, request that the Court appoint you lead plaintiff of the proposed class.

The filed Complaint alleges that throughout the Class Period,  Defendants  made  false and/or  misleading  statements  and/or  failed  to  disclose  that:

  • Lion Biotechnologies, through its former CEO Manish  Singh, engaged in a scheme  to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion Biotechnologies to potential investors  that purported to be  independent from the  company when, in  fact, they were  paid promotions;
     
  • former CEO Singh engaged  a notorious stock promotion firm  to pay writers  to  publish articles  about  Lion Biotechnologies  on  investment websites as well as to coordinate the distribution of articles to thousands of electronic mailboxes;
     
  • former  CEO Singh  actively  participated  in  the promotional work for  Lion Biotechnologies and  understood that the  promotion firm was using writers  who would not disclose  that Lion Biotechnologies  was indirectly compensating  them for  their publications;  and
     
  • as  a  result, Defendants’ public  statements were  materially false  and misleading  at  all relevant times. When the true details entered the market, the filed lawsuit claims that investors suffered damages.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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CONTACT: Contact:

Wolf Haldenstein Adler Freeman & Herz LLP 
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774