Galena Biopharma, Inc. ("Galena") is an American biopharmaceutical company developing hematology and oncology therapeutics that address unmet medical needs.

According to the law firm press release, the lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Galena’s sales of Abstral were based on unsustainable sales and marketing practices; (2) such sales and marketing practices could subject Galena to a criminal investigation; and (3) as a result, Defendants’ statements about Galena’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

A consolidated Complaint was filed on October 6, 2017. Defendants filed a Motion to Dismiss the consolidated Complaint on December 15. On August 21, 2018, the Court issued an Order granting Defendants' Motion to Dismiss the consolidated Complaint. Lead Plaintiffs were given leave to file an amended Complaint.

On September 20, 2018, Lead Plaintiffs filed an amended consolidated Complaint. Defendants filed a Motion to Dismiss the amended consolidated Complaint on October 22. On November 12, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On December 20, 2019, Lead Plaintiff filed a second amended consolidated Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on January 29, 2020. On January 5, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On February 18, 2021, Lead Plaintiff filed a third amended consolidated Complaint. On March 31, the parties notified the Court that they had agreed to a Settlement in principle. The parties entered into a Stipulation and Agreement of Settlement on September 13. The Court granted preliminary approval of the Settlement on October 8. On February 24, 2022, the Court granted final approval of the Settlement, approved the award of attorneys' fees and expenses, and entered Final Judgment.

On January 23, 2023, the Court approved distribution of the Settlement funds.