IMPORTANT INVESTOR ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against Galena Biopharma Inc., and Encourages Investors with Losses to Contact the Firm

IRVINE, Calif.--()--Khang & Khang LLP (the “Firm”) announces the filing of a class action lawsuit against Galena Biopharma Inc. (“Galena” or the “Company”) (Nasdaq: GALE) concerning possible violations of federal securities laws. Investors, who purchased or otherwise acquired shares between August 11, 2014 and January 31, 2017 inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the April 14, 2017 lead plaintiff motion deadline.

“[a] federal investigation of two of the high-prescribing physicians for Abstral has resulted in the criminal prosecution of the two physicians for alleged violations of the federal False Claims Act and other federal statutes”

If you purchased shares of Galena during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.

There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

Galena announced plans to “divest its commercial business,” which included the Company’s innovative cancer pain drug, Abstral. On March 10, 2016, the Company disclosed that “[a] federal investigation of two of the high-prescribing physicians for Abstral has resulted in the criminal prosecution of the two physicians for alleged violations of the federal False Claims Act and other federal statutes,” and that the Company was issued a trial subpoena for documents related to that investigation. The Company also noted that “other governmental agencies may be investigating our Abstral promotion practices,” and that “on December 16, 2015, we received a subpoena issued by the U.S. Attorney’s Office in District of New Jersey requesting the production of a broad range of documents pertaining to our marketing and promotional practices for Abstral.”

On January 31, 2017, Galena announced that Mark W. Schwartz, President and Chief Executive Officer during this time, was resigning from his position.

When this information was revealed to the investing public, the value of Galena fell significantly, causing investors harm.

If you wish to learn more about this lawsuit at no charge, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.

This press release may constitute Attorney Advertising in some jurisdictions.

Contacts

Khang & Khang LLP
Joon M. Khang, Esq.
Telephone: 949-419-3834
Facsimile: 949-225-4474
joon@khanglaw.com

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