Updated from 6:07 am EDT with additional Galena comment.

Lake Oswego, Oreg. (TheStreet) -- Galena Biopharma (GALE) CEO Mark Ahn was fired by the board of directors at a special meeting held Monday, according to a source close to the company.

Ahn's forced exit from the troubled Galena follows an internal investigation by the board which scrutinized the company's hiring of an investor relations firm to engage in a stock-promotions campaign. This investor relations firm, The DreamTeam Group, used false names to write and publish misleading and promotional articles about Galena on DIY investor web sites like Seeking Alpha.

After Galena's stock price rose due to the promotional campaign, Ahn and other insiders made millions of dollars by selling company stock.

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