NEW YORK, April 26, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Lion Biotechnologies, Inc. (“Lion” or the “Company”) (NASDAQ:LBIO) and certain of its officers, on behalf of a class who purchased Lion securities between November 14, 2013 and April 10, 2017, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/lbio.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Lion, through its former CEO Manish Singh, was engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting the Company to potential investors that purported to be independent from the company when, in truth, they were paid promotions; (2) Singh engaged a notorious stock promotion firm to pay writers to publish articles about Lion on investment websites as well as to coordinate the distribution of articles to thousands of electronic mailboxes; (3) Singh actively participated in the promotional work for the Company and understood that the promotion firm was using writers who would not disclose that Lion Biotechnologies was indirectly compensating them for their publications; and (4) consequently, defendants’ public statements were materially false and misleading at all relevant times.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/lbio or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Lion you have until June 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.