Galena Biopharma Inc (NASDAQ: GALE) Investor Securities Class Action Lawsuit 03/06/2014

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Company Name(s): 
Galena Biopharma
Case Name: 
Galena Biopharma Shareholder Class Action Lawsuit 03/06/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: GALE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/06/2014
Class Period Begin: 
08/06/2013
Class Period End: 
05/14/2014
Court of Filing: 
U.S. District Court for the District of Oregon
Deadline To File for Lead: 
05/14/2014
Date Settled: 
06/27/2017
Settlement Amount: 
$165,000
Deadline to Participate in Settlement: 
08/26/2017
Summary: 

November 21, 2017 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

July 11, 2017 - The court ordered the authorization of the distribution of the net settlement fund.

June 27, 2017 - The court preliminarily approved the settlement with remaining defendants.

May 17, 2017 - Parties (lead plaintiffs and remaining defendants) filed a stipulation of settlement.

The settlement amount of $20,000,000 consists of:
- $19,000,000 in cash;
- $1,000,000 of Galena Biopharma Inc common stock;

June 24, 2016 - The court approved the settlement.

June 23, 2016 - The court held a final settlement hearing.

February 16, 2016 - The court preliminarily approved the settlement.

February 1, 2016 - Parties filed a stipulation of settlement.

December 7, 2015 - The parties filed a notice of partial settlement.

August 5, 2015 - The court granted in part and denied in part defendants' motions to dismiss with leave to file an amended complaint.

May 12, 2015 - More defendants filed motions to dismiss.

January 9, 2015 - The defendants filed motions to dismiss.

October 31, 2014 - The lead plaintiffs filed a consolidated amended complaint on behalf of investors who purchased Galena Biopharma Inc (NASDAQ: GALE) common shares between August 6, 2013 and May 14, 2014. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 by issuing false and misleading statements between August 6, 2013 and May 14, 2014.

October 3, 2014 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

May 5, 2014 - Lead plaintiff motions were 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.