In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) through its former CEO Manish Singh, Lion was engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting the Company to potential investors that purported to be independent from the company when, in truth, they were paid promotions; (2) Singh engaged a notorious stock promotion firm to pay writers to publish articles about Lion on investment websites, as well as to coordinate the distribution of articles to thousands of electronic mailboxes; (3) Singh actively participated in the promotional work for the Company and understood that the promotion firm was using writers who would not disclose that Lion was indirectly compensating them for their publications; and (4) consequently, defendants’ public statements were materially false and misleading at all relevant times.
Shareholders have until June 13, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sa/lion-biotechnologies-inc?wire=3.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.