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Case Status:    SETTLED
On or around 12/12/2016 (Ongoing date of last review)

Filing Date: March 05, 2014

According to the law firm press release, Galena is a biotechnology company focused on the development and commercialization of targeted oncology treatments that address major unmet medical needs to advance cancer care.

The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public. As a result of defendants’ false statements, Galena’s stock traded at artificially inflated prices during the Class Period, reaching a high of $7.48 per share on January 16, 2014. While Galena’s stock price was artificially inflated, its Chief Executive Officer was able to sell $3.8 million worth of his Galena stock.

On February 12, 2014, an article on TheStreet.com claimed Galena was engaging in a misleading brand awareness campaign aimed at boosting its stock price. Additionally, the article represented that Galena paid investor relations firm The DreamTeam Group (“DreamTeam”) to publish articles under aliases promoting the Company’s stock without disclosing who paid for them. On this news, Galena’s stock price dropped $0.85 per share to close at $4.34 per share on February 12, 2014, a one-day decline of 16% on volume of nearly 24 million shares. Then, on February 14, 2014, Galena issued a letter to its shareholders acknowledging that the Company had engaged DreamTeam. On this news, Galena’s stock price dropped another $0.63 per share to close at $3.73 per share on February 14, 2014, a one-day decline of 14% on volume of nearly 41 million shares, and a decline of 50% from the stock’s Class Period high.

On October 3, 2014, the Court issued an Order consolidating related cases, appointing lead plaintiffs, and approving lead counsel. Lead Plaintiffs filed a consolidated complaint on October 31.

On August 5, 2015, the Court issued an Order granting in part and denying in part Defendants' motions to dismiss. Plaintiffs were given leave to filed an amended complaint.

On February 10, 2016, the parties filed notice of a partial settlement with certain Defendants. This Settlement was preliminarily approved by the Court on February 16. The Court granted final approval of this Settlement on June 24.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GALE
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Oregon
DOCKET #: 14-CV-00367
JUDGE: Hon. Dennis J. Hubel
DATE FILED: 03/05/2014
CLASS PERIOD START: 11/06/2013
CLASS PERIOD END: 02/14/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: D. Oregon
DOCKET #: 14-CV-00367
JUDGE: Hon. Dennis J. Hubel
DATE FILED: 10/31/2014
CLASS PERIOD START: 08/06/2013
CLASS PERIOD END: 05/14/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. Ransom, Gilbertson, Martin & Ratliff, L.L.P.
    1500 NE Irving Street, Suite 412, Ransom, Gilbertson, Martin & Ratliff, L.L.P., OR 97232
    503-226-3664 ·
  3. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date