IRVINE, Calif., April 21, 2017 /PRNewswire/ — Khang & Khang LLP (the “Firm”) announces the filing of a class action lawsuit against Lion Biotechnologies, Inc. (“Lion” or the “Company”) (Nasdaq: LBIO). Investors who purchased or otherwise acquired shares between November 14, 2013 and April 10, 2017, inclusive (the “Class Period”), are encouraged to contact the Firm in advance of the June 13, 2017 lead plaintiff motion deadline.
If you purchased Lion shares 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 [email protected].
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.
The Complaint states that throughout the Class Period, Lion made false and/or misleading statements and/or failed to disclose: that Lion, through its former CEO Manish Singh, engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion to potential investors that purported to be independent from the company when, in fact, they were paid promotions; that former CEO Singh engaged a notorious stock promotion firm to pay writers to publish articles about the Company on investment websites and to coordinate the distribution of articles to thousands of electronic mailboxes; that former CEO Singh actively participated in the promotional work for Lion Biotechnologies and understood that the promotion firm was using writers who would not disclose that Lion was indirectly compensating them for their publications; and that as a result of the above, Lion’s public statements were materially false and misleading at all relevant times. When this news was released, shares of Lion declined in value, causing investors harm.
If you wish to learn more about this lawsuit, or if you have any 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 [email protected].
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Joon M. Khang, Esq.
SOURCE Khang & Khang LLP