Class Action Against Galena Biopharma
A putative class action filed in Delaware against Galena Biopharma settled. The complaint alleged the company improperly counted stockholder votes and went forward with proposals as if they were passed. The complaint further alleged that broker nonvotes were cast and counted improperly. One proposal passed included Galena increasing the number of common shares by 25 million. The complaint claimed a similar incident occurred at a special shareholder meeting in which a proposal passed included a reverse stock split, allowing Galena to sell tens of millions of shares, diluting the interested of other stockholders. Galena settled the class action for over $15 million dollars. Galena has additional troubles, as an order from the Securities and Exchanges Commission found that writers were paid to produce articles promoting their securities. These articles were published without the writers disclosing they were paid to promote the investments.
If you purchased Galena stock, please contact our office as you may be entitled to some recovery. The attorneys at The Frankowski Firm are dedicated to representing victims of securities fraud throughout the United States. To speak with one of our lawyers, please call us today at 888.741.7503 or fill out this contact form.