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 [email protected] 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 [email protected], 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: [email protected], [email protected] or [email protected] Tel: (800) 575-0735 or (212) 545-4774