Levi & Korsinsky announces the commencement of a class action lawsuit in the United States District Court for the Northern District of California on behalf of shareholders of Lion Biotechnologies, Inc. (NASDAQ : LBIO) who purchased shares between November 14, 2013 and April 10, 2017.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) through its former CEO Manish Singh, Lion 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 was indirectly compensating them for their publications; and (4) consequently, defendants’ public statements were materially false and misleading at all relevant times.
If you suffered a loss in Lion Biotechnologies, Inc. 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.
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