Pawar Law Group Announces Filing of Securities Class Action Lawsuit Against Lion Biotechnologies, Inc. - LBIO

Accesswire 21-Apr-2017 6:55 PM

NEW YORK, NY / ACCESSWIRE / April 21, 2017 / The Pawar Law Group announces a class action lawsuit on behalf of Lion Biotechnologies, Inc. (NASDAQ: LBIO) investors who purchased Lion Biotechnologies stock between November 14, 2013 and April 10, 2017, inclusive (the "Class Period"). The suit is for recovery of investor losses.

To participate in this class action lawsuit, visit the firm's website at http://pawarlawgroup.com/cases/lion-biotechnologies-inc/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com or call toll free at (866) 999-0873.

No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

According to the complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that (1) Lion Biotechnologies, 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 Biotechnologies to potential investors that purported to be independent from the company when, in fact, they were paid promotions; (2) former CEO Singh engaged a notorious stock promotion firm to pay writers to publish articles about Lion Biotechnologies on investment websites as well as to coordinate the distribution of articles to thousands of electronic mailboxes; (3) 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 Biotechnologies was indirectly compensating them for their publications; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to serve as lead plaintiff, you must move the Court no later than June 13, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You may join the case here: http://pawarlawgroup.com/cases/lion-biotechnologies-inc/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com

Contact:

Vik Pawar, Esq. Pawar Law Group20 Vesey Street, Suite 1210 New York, NY 10007 Tel: (212) 571-0805 Fax: (212) 571-0938 vik@pawarlawgroup.com

SOURCE: Pawar Law Group

Wait, Before You Leave...