The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lion Biotechnologies, Inc. (NASDAQ: LBIO) who purchased shares between November 14, 2013 and April 10, 2017. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) through its former CEO Manish Singh, Lion was engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting the Company to potential investors that purported to be independent from the company when, in truth, they were paid promotions; (2) Singh engaged a notorious stock promotion firm to pay writers to publish articles about Lion on investment websites, as well as to coordinate the distribution of articles to thousands of electronic mailboxes; (3) Singh actively participated in the promotional work for the Company and understood that the promotion firm was using writers who would not disclose that Lion was indirectly compensating them for their publications; and (4) consequently, defendants’ public statements were materially false and misleading at all relevant times.
Shareholders have until June 13, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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