Lion Biotechnologies Inc (NASDAQ:LBIO) Investor Securities Class Action Lawsuit 04/13/2017

If you purchased a significant amount of shares of Lion Biotechnologies Inc (NASDAQ:LBIO) between November 14, 2013 through April 10, 2017, and / or if you purchased any NASDAQ:LBIO shares prior to November 14, 2013 through April 10, 2017and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: June 13, 2017. NASDAQ:LBIO investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Lion Biotechnologies
Case Name: 
Lion Biotechnologies Shareholder Class Action Lawsuit 04/13/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: LBIO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/14/2017
Class Period Begin: 
11/14/2013
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
Summary: 

April 14, 2017 (Shareholders Foundation) - 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, 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 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 and understood that the promotion firm was using writers who would not disclose that Lion Biotechnologies 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 (14, 2017, NASDAQ:LBIO) declined from $8.05 per share on March 1, 2017 to as low as $5.95 per share on April 12, 2017.