Company Website:
http://www.bespc.com
NEW YORK -- (Business Wire)
Bragar Eagel & Squire, P.C. reminds investors that a class action
lawsuit has been filed in the U.S. District Court for the Northern
District of California on behalf of all persons or entities who
purchased or otherwise acquired Lion Biotechnologies, Inc. (NASDAQ:
LBIO) securities between November 14, 2013 and April 10, 2017 (the
“Class Period”). Investors have until June 13, 2017 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made
false and/or misleading statements and/or failed to disclose that: (1)
Lion Biotechnologies, through its former CEO Manish Singh, misled
investors by commissioning over 10 internet publications and 20 widely
distributed emails promoting Lion Biotechnologies to potential
investors; (2) Singh engaged a notorious stock promotion firm to publish
articles about Lion Biotechnologies on investment websites and
coordinate the articles’ distribution to thousands of electronic
mailboxes; and (3) Singh understood that the promotion firm would not
disclose that Lion Biotechnologies was indirectly compensating them for
their publications. As a result, Defendants’ public statements were
materially false and misleading throughout the Class Period.
On May 14, 2014, the Company revealed it received a subpoena from the
Securities and Exchange Commission (“SEC”). Then, post-market on
November 12, 2014, the Company issued a press release announcing former
CEO Singh’s resignation. Lastly, on April 10, 2017, the SEC found that
between September 2013 and March 2014, Lion Biotechnologies, through
Singh, engaged in the aforementioned scheme to mislead investors.
If you purchased or otherwise acquired Lion Biotechnologies securities
during the Class Period and suffered a loss or continue to hold shares
purchased prior to the Class Period, have information, would like to
learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com,
or telephone at (212) 355-4648, or by filling
out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm, concentrating
in commercial and securities litigation. For additional information
concerning the Lion Biotechnologies lawsuit, please go to www.bespc.com/lbio.
For additional information about Bragar Eagel & Squire, P.C., please go
to www.bespc.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170524006298/en/
Contacts:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa
Fortunato, Esq.
212-355-4648
investigations@bespc.com
www.bespc.com
Source: Bragar Eagel & Squire, P.C.
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