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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of August 26, 2017 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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February 16, 2016 - The court preliminarily approved the settlement.
February 1, 2016 -A stipulation of settlement was filed by the parties.
August 5, 2015 - The court granted in part and denied in part defendants' motions to dismiss.
January 9, 2015 - A motion to dismiss the amended consolidated complaint was filed.
October 31, 2014 - An amended consolidated complaint was filed.
March 5, 2014 - An investor in shares of Galena Biopharma Inc (NASDAQ: GALE) filed a lawsuit in the U.S. District Court for District of Oregon against Galena Biopharma Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 6, 2013 and February 14, 2014.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Galena Biopharma Inc (NASDAQ: GALE) between November 6, 2013 and February 14, 2014, that Galena Biopharma Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that defendants violated the federal securities laws by disseminating alledegly false and misleading statements to the investing public and that as a result of defendants’ statements, Galena Biopharma Inc’s (NASDAQ: GALE) stock traded at artificially inflated between November 6, 2013 and February 14, 2014, reaching a high of $7.48 per share on January 16, 2014. Galena Biopharma Inc reported that its Net Loss increased from $11.48 million in 2011 to $34.97 million in 2012. Shares of Galena Biopharma Inc (NASDAQ: GALE) grew from $1.78 per share in July 2013 to as high as $7.48 per share on January 16, 2014.
Then on February 12, 2014 an article was published alleging that Galena Biopharma Inc has engaged in a misleading brand awareness campaign designed to boost Galena Biopharma Inc’s (NASDAQ: GALE) stock price. The article said that “aided by this promotional campaign, Galena shares tripled in value from this summer. Coincidence or not, Galena Biopharma Inc insiders have made millions of dollars by selling company stock in January.”
Additionally, the article represented that Galena Biopharma Inc paid investor relations firm The DreamTeam Group to publish articles under aliases promoting Galena Biopharma Inc’s (NASDAQ: GALE) stock without disclosing who paid for them.
On February 14, 2014, Galena Biopharma Inc issued a letter to its shareholders denying most of the allegations while acknowledging that Galena Biopharma Inc had engaged The DreamTeam Group. Shares of Galena Biopharma Inc (NASDAQ: GALE) declined from $7.48 per share on January 16, 2014 to $3.381 per share on February 18, 2014. On March 6, 2014, Galena Biopharma Inc (NASDAQ: GALE) shares closed at $3.46 per share.