NEW YORK, April 25, 2017 /PRNewswire/ -- Kaplan Fox
& Kilsheimer LLP (www.kaplanfox.com) is investigating claims on
behalf of investors of Lion Biotechnologies, Inc. ("Lion" or the
"Company") (NASDAQ: LBIO).
A class action has been filed in the United States District
Court for the Northern District of California against Lion and certain former
officers of the Company, including its former CEO Manish Singh ("Singh"), on behalf of investors
who purchased or otherwise acquired the publicly traded securities
of Lion between November 14, 2013 and
April 11, 2017, inclusive (the
"Class"), alleging violations of the Securities Exchange Act of
1934.
On November 12, 2014, during
aftermarket hours, Lion issued a press release announcing the
resignation of defendant Singh. Following this news, shares
of Lion fell $0.75 per share, or over
11%, to close at $5.95 per share on
November 13, 2014.
On April 10, 2017, the Securities
and Exchange Commission ("SEC") issued an Order finding that "from
September 2013 to March 2014, Lion, through 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." Among
other things, Lion was ordered to pay a civil money penalty in the
amount of $100,000 to the SEC.
The complaint alleges that throughout the Class Period, the
defendants made false and/or misleading statements and/or failed to
disclose that (1) Lion, through former CEO Singh, engaged in a
scheme to mislead investors, (2) defendant Singh engaged a
notorious 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, (3)
defendant Singh actively participated in promotional work for Lion
and understood that the promotion firm was using writers who would
not disclose that Lion was indirectly compensating them for their
publications, and (4) as a result of the above, Lion's public
statements were materially false and misleading at all relevant
times.
The complaint also alleges that following the April 10, 2017 news of the SEC's Order and
findings, shares of Lion fell $0.20
per share, or over 3%, to close at $6.35 per share on April
10, 2017.
If you are a member of the proposed Class, you may move the
court no later than June 13, 2017 to
serve as a lead plaintiff for the purported class. You need
not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint
or our investigation, please contact us by emailing
pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP,
with offices in New York,
San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor
class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any questions
about this Notice, the action, your rights, or your interests,
please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California
94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox &
Kilsheimer LLP