This is an abbreviated version of Battea’s Lion Biotechnologies securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.
Case Filed: April 14, 2017
Securities class action on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired the publicly traded securities of Lion Biotechnologies between November 14, 2013 and April 10, 2017, pursuant to sections 10(b) & 20(a) of the Securities Exchange Act of 1934.
|Lead Plaintiff Deadline||6/13/2017
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the company, through defendants, 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; (2) defendants engaged notorious stock promotion firm to pay writers to publish articles about Lion on investment websites as well as to coordinate distribution of articles to thousands of electronic mailboxes; and (3) defendants actively participated in Lidingo's promotional work for Lion and understood that Lidingo was using writer who would not disclose that Lion was indirectly compensating them
for their publications.
Brief Company Profile
Lion Biotechnologies, Inc., a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. The company was formerly known as Genesis Biopharma Inc. and changed its name to Lion Biotechnologies, Inc. in September 2013. Lion Biotechnologies, Inc. was founded in 2007 and is headquartered in New York, New York.
|Class Period||11/14/13 - 4/10/17
|Judge||Susan Illston, presiding
|Defendant(s)||LION BIOTECHNOLOGIES, INC., MANISH
SINGH, MICHAEL HANDELMAN, and
Lion Biotechnologies Securities Litigation Price Chart