The Klein Law Firm Reminds Investors of a Class Action Filed on Behalf of Lion Biotechnologies, Inc. Shareholders & a Lead Pl...
June 07 2017 - 10:23AM
Business Wire
The Klein Law Firm announces that a class action complaint has
been filed on behalf of shareholders of Lion Biotechnologies, Inc.
(NASDAQ: LBIO) who purchased shares between November 14, 2013 and April
10, 2017. The action, which was filed in the United States
District Court for the Northern District of California, alleges
that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class
Period, defendants made materially false and/or misleading
statements and/or failed to disclose that (1) through its former
CEO Manish Singh, Lion was engaged in a scheme to mislead investors
by commissioning over 10 internet publications and 20 widely
distributed emails promoting the Company to potential investors
that purported to be independent from the company when, in truth,
they were paid promotions; (2) 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) Singh actively
participated in the promotional work for the Company and understood
that the promotion firm was using writers who would not disclose
that Lion was indirectly compensating them for their publications;
and (4) consequently, defendants’ public statements were materially
false and misleading at all relevant times.
Shareholders have until June 13, 2017 to petition the
court for lead plaintiff status. Your ability to share in any
recovery does not require that you serve as lead plaintiff. You may
choose to be an absent class member.
If you suffered a loss during the class period and wish to
obtain additional information, please contact Joseph Klein, Esq. by
telephone at 212-616-4899 or visit
http://www.kleinstocklaw.com/pslra-sa/lion-biotechnologies-inc?wire=2.
Joseph Klein, Esq. is an experienced attorney and has also
practiced as a Certified Public Accountant. Mr. Klein represents
investors and participates in securities litigations involving
financial fraud throughout the nation. Attorney advertising. Prior
results do not guarantee similar outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20170607005850/en/
The Klein Law FirmJoseph Klein, Esq., 212-616-4899Fax:
347-558-9665www.kleinstocklaw.com
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