NEW YORK, Feb. 24, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in the United States District Court for the District of New Jersey against Galena Biopharma, Inc. ("Galena" or the "Company") (NASDAQ:GALE) and certain officers of the Company on behalf of persons or entities that acquired Galena's securities between August 11, 2014 and January 31, 2017, inclusive (the "Class Period").
Investors who have incurred losses in shares of Galena Biopharma, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Galena Biopharma, Inc. within the class period and would like to assist with the litigation process, you may, no later than April 14, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint alleges that on December 22, 2015, Galena filed a Form 8-K with the Securities and Exchange Commission ("SEC") disclosing that Galena received a subpoena from the U.S. Attorney's Office for the District of New Jersey that requested "a broad range of documents pertaining to marketing and promotional practices related to the product ABSTRAL® (fentanyl) Sublingual Tablets."
The complaint also alleges that on March 10, 2016, the Company disclosed in its 2015 Form 10-K filing that "[a] federal investigation of two of the high-prescribing physicians for Abstral has resulted in the criminal prosecution of the two physicians for alleged violations of the federal False Claims Act and other federal statutes." Galena also disclosed that it had "received a trial subpoena for documents in connection with that investigation" and was "in contact with the U.S. Attorney's Office for the Southern District of Alabama, which is handling the criminal trial." Additionally, the Company noted that "the FDA and other governmental agencies may be investigating [the Company's] promotion practices."
On on January 31, 2017, the Company announced the resignation of Mark W. Schwartz, Galena's President, Chief Executive Officer, and a member of the Board of Directors, effective that day. Following this news, shares of Galena fell $0.53 per share over two trading days, more than 32%, to close at $1.12 per share on February 2, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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