Lion Biotechnologies Inc (NASDAQ: LBIO) Investor Securities Class Action Lawsuit 04/14/2017

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Company Name(s): 
Lion Biotechnologies
Case Name: 
Lion Biotechnologies Shareholder Class Action Lawsuit 04/14/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: LBIO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/14/2017
Class Period Begin: 
09/27/2013
Class Period End: 
04/10/2017
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
06/13/2017
Date Settled: 
11/30/2018
Settlement Amount: 
$3,250,000
Deadline to Participate in Settlement: 
03/22/2019
Summary: 

November 30, 2018 - The court preliminarily approved the settlement.

September 28, 2018 - Parties filed a stipulation of settlement.

February 15, 2018 - The court granted in part and denied in part defendants' motions to dismiss.

November 3, 2017 - Defendants filed motions to dismiss.

September 8, 2017 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Lion Biotechnologies Inc (NASDAQ: LBIO) common shares between September 27, 2013 and April 10, 2017. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 27, 2013 and April 10, 2017.

July 26, 2017 - Lead plaintiff and lead counsel were appointed.

June 13, 2017 - Lead plaintiff motions were filed.

April 14, 2017 - An investor in shares of Lion Biotechnologies Inc (NASDAQ: LBIO) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Lion Biotechnologies Inc in connection with certain allegedly false and misleading statements made between November 14, 2013 through April 10, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Lion Biotechnologies Inc (NASDAQ: LBIO) common shares between November 14, 2013 through April 10, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 14, 2013 through April 10, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Lion Biotechnologies Inc, through its former CEO Manish Singh, engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion Biotechnologies to potential investors that purported to be independent from the company when, in fact, they were paid promotions, that former CEO Singh engaged a notorious stock promotion firm to pay writers to publish articles about Lion Biotechnologies Inc on investment websites as well as to coordinate the distribution of articles to thousands of electronic mailboxes, that former CEO Singh actively participated in the promotional work for Lion Biotechnologies Inc and understood that the promotion firm was using writers who would not disclose that Lion Biotechnologies Inc was indirectly compensating them for their publications, and that as a result, defendants’ public statements were materially false and misleading at all relevant times.

San Carlos, CA based Lion Biotechnologies Inc is a clinical-stage biopharmaceutical company that is focused on the development and commercialization of cancer immunotherapy products designed to harness the power of a patient's own immune system to eradicate cancer cells.

On April 10, 2017, the U.S. Securities and Exchange Commission found that between “September 2013 to March 2014, Lion Biotechnologies Inc, through its former Chief Executive Officer, Manish Singh, engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion Biotechnologies Inc to potential investors that purported to be independent from the company when, in fact, they were paid promotions. Singh allegedly engaged Lidingo Holdings, a stock promotion firm, to pay writers to publish articles about Lion Biotechnologies Inc on investment websites as well as to coordinate the distribution of articles to thousands of electronic mailboxes. Singh allegedly actively participated in Lidingo’s promotional work for Lion Biotechnologies Inc and understood that Lidingo was using writers who would not disclose that Lion Biotechnologies Inc was indirectly compensating them for their publications.”

Shares of Lion Biotechnologies Inc (NASDAQ: LBIO) declined from $8.05 per share on March 1, 2017 to as low as $5.95 per share on April 12, 2017.