Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Lion Biotechnologies, Inc.
Oklahoma City, OK (April 18, 2017) – On April 14, 2017, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Lion Biotechnologies, Inc. (NASDAQ: LBIO). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is November 14, 2013 through April 10, 2017. More specifically, this litigation was filed because on May 14, 2014, the Company revealed it received a subpoena from the Securities and Exchange Commission (“SEC”). Then, after market on November 12, 2014, the Company issued a press release announcing the resignation of Singh. Lastly, on April 10, 2017, the SEC found that between September 2013 and March 2014, Lion, through Singh, engaged in the aforementioned scheme to mislead investors.
Plaintiff seeks to recover damages on behalf of all Lion Biotechnologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, June 13, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Tue, April 18, 2017
by Nancy Beatty filed under