Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Lion Biotechnologies, Inc. (NASDAQ: LBIO) in connection to alleged violations of securities laws by LBIO. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Lion Biotechnologies between November 14, 2013 and April 10, 2017.
The class action complaint specifically alleges that during the period in question, LBIO might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that through LBIO’s former Chief Executive Officer, Manish Singh, the company misled investors by paying for online publications and emails that spoke positively of the company and were intended to appear independent, but in fact were paid for; that Mr. Singh used an outside firm to commission writers to publish content about LBIO on various websites and to distribute the via email; that Mr. Singh was involved in those promotional activities and was aware the outside firm was engaging writers who were being paid, albeit indirectly, by LBIO; and that thus the company’s statements to the public during the relevant period were false and misleading and/or had no reasonable basis. When true details came to light, LBIO’s value declined, causing investors harm, according to the complaint.
According to the company’s website, Lion Biotechnologies is “focused on the development and commercialization of novel cancer immunotherapies based on tumor infiltrating lymphocytes (TILs).” The description continues: “This approach, also known as adoptive T-cell therapy, was developed by Dr. Steven A. Rosenberg at the National Cancer Institute and is currently in use at leading cancer centers in the US. Our lead product candidate is an autologous, ready-to-infuse cell therapy that has demonstrated distinctive efficacy in the treatment of metastatic melanoma. In Phase 2 clinical trials conducted at NCI, patients treated with this product demonstrated objective response rates of 56%.”
A class action lawsuit has already been filed in connection with Lion Biotechnologies. If you wish to serve as lead plaintiff in the LBIO lawsuit, you must move the Court no later than June 13, 2017. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.