BENSALEM, Pa. -- (Business Wire)
Law Offices of Howard G. Smith reminds investors of the upcoming June
13, 2017 deadline to file a lead plaintiff motion in the class
action lawsuit filed on behalf of a class of investors who purchased or
otherwise acquired Lion Biotechnologies, Inc. (“Lion” or the “Company”)
(NASDAQ: LBIO)
securities between November 14, 2013 and April 10, 2017,
inclusive (the “Class Period”). Lion investors have until June
13, 2017 to file a lead plaintiff motion.
On April 10, 2017, the U.S. Securities and Exchange Commission found
that between “September 2013 to March 2014, Lion, through its 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.” On this news, the price of Lion shares declined, thereby
injuring investors.
According to the Complaint, during the Class Period, Lion made false
and/or misleading statements and/or failed to disclose: (1) that the
Company, through its 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; (2) that Singh engaged a
notorious stock promotion firm to pay writers to publish articles about
the Company on investment websites and to coordinate the distribution of
articles to thousands of electronic mailboxes; (3) that Singh actively
participated in the 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) that as a
result of the above, Lion's public statements were materially false and
misleading at all relevant times.
If you purchased Lion securities, you may move the Court no later than June
13, 2017 to request appointment as lead plaintiff in the putative
class action lawsuit. To be a member of the class you need not take any
action at this time; you may retain counsel of your choice or take no
action and remain an absent member of the class action lawsuit. If you
wish to learn more about this action, or if you have any questions
concerning this announcement or your rights or interests with respect to
this lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170526005705/en/
Contacts:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Source: Law Offices of Howard G. Smith
© 2024 Canjex Publishing Ltd. All rights reserved.