NEW YORK (TheStreet) -- Galena Biopharma (GALE) declined to answer questions about its stock promotion practices but did admit hiring the marketing firm The DreamTeam Group, which published articles under aliases touting the company's stock without disclosing who paid for them.
In a letter to shareholders released Friday, Galena CEO Mark Ahn accused me of having an "agenda when it comes to Galena" and said my reporting on the company was "tabloid-like" and "largely devoid of true information."
Ahn was responding to a story published Wednesday describing a Galena-funded campaign which used a marketing firm, The DreamTeam Group, to publish promotional information, including "analyst-like" articles, on Web sites, message boards and social media aimed at boosting the company's stock.
According to a document obtained by TheStreet, the DreamTeam Group published two articles on Seeking Alpha made to look as if they were written by individual investors recommending Galena as an investment. In fact, both articles were written by the same person under two different pseudonyms. Neither articles disclosed a financial relationship with The DreamTeam Group or Galena. Seeking Alpha removed both articles from its Web site last week.
"The only facts in Mr. Feuerstein's most recent article that are remotely accurate are that Galena previously engaged The DreamTeamGroup and that insiders at the company, including me, divested shares in mid January. All other accusations in this article -- as with his prior reporting on Galena -- are specious and conveniently arranged to create controversy," said Ahn, in his letter to shareholders.