PHILADELPHIA, March 6, 2014 /PRNewswire/ -- Cohen, Placitella & Roth, PC is investigating claims on behalf of investors who purchased Galena Biopharma, Inc. ("Galena" or "Company") (NASDAQ: GALE) stock between November 6, 2013 and February 14, 2014, inclusive. The investigation concerns whether Galena disseminated materially false and/or misleading information to investors in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Galena is a biotechnology company focused on the development and commercialization of targeted oncology treatments that address major unmet medical needs to advance cancer care. On February 12, 2014, an article on TheStreet.com disclosed that Galena was engaging in a misleading brand awareness campaign aimed at boosting its stock price. Additionally, the article represented that Galena paid investor relations firm The DreamTeam Group ("DreamTeam") to publish articles under aliases promoting the Company's stock without disclosing who paid for them. On this news, Galena's stock price dropped $0.85 per share to close at $4.34 per share on February 12, 2014, a one-day decline of 16% on volume of nearly 24 million shares. Then, on February 14, 2014, Galena issued a letter to its shareholders acknowledging that the Company had engaged DreamTeam. On this news, Galena's stock price dropped another $0.63 per share to close at $3.73 per share on February 14, 2014, a one-day decline of 14% on volume of nearly 41 million shares, and a decline of 50% from the stock's Class Period high.
If you have any information on Galena's surreptitious and improper touting of its own stock or you wish to consider serving as lead plaintiff, please contact Eduardo A. Texidor, Jr., no later than May 5, 2014, at firstname.lastname@example.org or, toll free, at 1-888-375-7600. For those investors inquiring via email, please be sure to include "Galena Biopharma" in the subject line, the number of shares purchased, and your mailing address and telephone number.
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