San Diego, CA -- (SBWIRE) -- 02/15/2017 -- An investor, who purchased shares of Galena Biopharma Inc (NASDAQ:GALE), filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Galena Biopharma Inc in connection with certain allegedly false and misleading statements made between August 11, 2014 and January 31, 2017.

Investors who purchased shares of Galena Biopharma Inc (NASDAQ:GALE) have certain options and for certain investors are short and strict deadlines running. Deadline: April 14, 2017. NASDAQ:GALE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Galena Biopharma Inc (NASDAQ:GALE) common shares between August 11, 2014 and January 31, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 11, 2014 and January 31, 2017 the Defendants made false and/or misleading statements and/or failed to disclose that Galena Biopharma Inc's sales of Abstral were based on unsustainable sales and marketing practices, that such sales and marketing practices could subject Galena Biopharma Inc to a criminal investigation, and that as a result, Defendants' statements about Galena's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On November 9, 2015 Galena Biopharma Inc disclosed plans to "divest its commercial business," which included the Company's breakthrough cancer pain drug, Abstral.

On March 10, 2016, Galena Biopharma Inc disclosed that "[a] federal investigation of two of the high-prescribing physicians for Abstral has resulted in the criminal prosecution of the two physicians for alleged violations of the federal False Claims Act and other federal statutes," and that the Company had received a trial subpoena for documents in connection with that investigation. Galena Biopharma Inc further disclosed that "other governmental agencies may be investigating our Abstral promotion practices," and that "on December 16, 2015, we received a subpoena issued by the U.S. Attorney's Office in District of New Jersey requesting the production of a broad range of documents pertaining to our marketing and promotional practices for Abstral."

On January 31, 2017, Galena Biopharma Inc announced the resignation of Mark W. Schwartz from his positions as President, Chief Executive Officer, and a member of the Board of Directors.

Shares of Galena Biopharma Inc (NASDAQ:GALE) declined to as low as $0.0.81 per share on February 8, 2017.

Those who purchased shares of Galena Biopharma Inc have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com