galena biopharma inc (GALE) Key Developments
Pomerantz LLP Files a Class Action Lawsuit Against Galena Biopharma, Inc
Mar 12 14
Pomerantz LLP has filed a class action lawsuit against Galena Biopharma, Inc. and certain of its officers. The class action, filed in United States District Court, District of Oregon, and docketed under 3:14-cv-00410-HZ, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Galena securities between March 12, 2013 and February 11, 2014, both dates inclusive. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated there under. The Complaint alleges that throughout the Class Period, Defendants orchestrated a scheme to increase the value of the Company's publicly traded stock so that insiders could reap the benefits by selling millions of dollars of shares of the Company's stock. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: Galena paid $50,000 to a subsidiary of The DreamTeam Group for 240 days of "advertising, branding, marketing, investor relations and social media services"; certain of DreamTeam's marketing tactics resembled stock promotion schemes which ran afoul of standard investor relations practices; DreamTeam published favorable articles about Galena on Seeking Alpha that failed to disclose that they were published by DreamTeam and instead appeared to be written from the perspective of individual investors recommending an investment in Galena; insiders took advantage of the resulting run up in the Company's stock to sell millions of dollars of shares at artificially inflated prices, coinciding with DreamTeam's promotional efforts; this type of stock promotion coupled with heavy insider selling would ultimately cause massive losses to investors as the public became aware of the "pump and dump" scheme; and as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Galena Biopharma, Inc
Mar 6 14
Robbins Geller Rudman & Dowd LLP announced that a class action has been commenced in the United States District Court for the District of Oregon on behalf of purchasers of Galena Biopharma, Inc. common stock during the period between November 6, 2013 and February 14, 2014 (the "Class Period"). The complaint charges Galena and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public. As a result of defendants' false statements, Galena's stock traded at artificially inflated prices during the Class Period, reaching a high of $7.48 per share on January 16, 2014. While Galena's stock price was artificially inflated, its Chief Executive Officer was able to sell $3.8 million worth of his Galena stock. Plaintiff seeks to recover damages on behalf of all purchasers of Galena common stock during the Class Period (the "Class"). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Galena Biopharma Inc. Launches Galena Patient Services
Mar 3 14
Galena Biopharma Inc. announced the launch of Galena Patient Services (GPS), a full-service support program designed to enhance patient access to commercial products offered by the Company. Currently, Galena markets Abstral(R) (fentanyl) Sublingual Tablets for the treatment of breakthrough cancer pain. A dedicated GPS team works with the healthcare professionals, patients, and insurance providers to guide the benefits approval process and make prescribing and receiving Galena Biopharma commercial products as simple as possible. Enrollment in the GPS program is done quickly and easily through a patient's certified prescriber. Galena Patient Services will: Guide the benefits investigation and prior authorization process. Help manage the appeals and denials process. Locate the preferred pharmacy. Execute the Patient Assistance Program for patient reimbursement support. All GPS services will be coordinated by a contracted third party vendor. All personal data in the GPS program are kept confidential to maintain HIPAA (Health Insurance Portability and Accountability Act) privacy standards.
Glen Fagin Sues Galena Biopharma over Stock Activity
Feb 28 14
Galena Biopharma and its board has been sued for breach of fiduciary duties and unjust enrichment, among other complaints related to 'improper stock sales'. The suit was filed in Multnomah County's circuit court by Glen Fagin, who had Galena common stock, who is represented by the law firm Stoll Berne.
Galena Biopharma, Inc. and Dr. Reddy's Laboratories Ltd. Strategically Partners for Development and Commercialization of Neuvax in India
Jan 20 14
Galena Biopharma, Inc. and Dr. Reddy's Laboratories Ltd. have strategically partnered for development and commercialization of NeuVax in India. Galena has licensed commercial rights to Dr. Reddy's for NeuVax. NeuVax (nelipepimut-S) is the immunodominant nonapeptide derived from the extracellular domain of the HER2 protein, a well-established target for therapeutic intervention in breast carcinoma presecribed in breast and gastric cancers. Dr. Reddy's will lead development of NeuVax in gastric cancer significantly expanding the potential addressable patient population.