San Diego, CA -- (SBWIRE) -- 04/17/2017 -- An investor, who purchased shares of Lion Biotechnologies Inc (NASDAQ:LBIO), filed a lawsuit in California over alleged Securities Laws violations by Lion Biotechnologies Inc in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Lion Biotechnologies Inc (NASDAQ:LBIO) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that 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, that 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, that 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 that as a result, defendants' public statements were materially false and misleading at all relevant times.

On April 10, 2017, the U.S. Securities and Exchange Commission found that between "September 2013 to March 2014, Lion Biotechnologies Inc, through its former Chief Executive Officer, Manish Singh, engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion Biotechnologies Inc to potential investors that purported to be independent from the company when, in fact, they were paid promotions. Singh allegedly engaged Lidingo Holdings, a stock promotion firm, to pay writers to publish articles about Lion Biotechnologies Inc on investment websites as well as to coordinate the distribution of articles to thousands of electronic mailboxes. Singh allegedly actively participated in Lidingo's promotional work for Lion Biotechnologies Inc and understood that Lidingo was using writers who would not disclose that Lion Biotechnologies Inc was indirectly compensating them for their publications." Shares of Lion Biotechnologies Inc (14, 2017, NASDAQ:LBIO) declined from $8.05 per share on March 1, 2017 to as low as $5.95 per share on April 12, 2017.

Those who purchased shares of Lion Biotechnologies 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