Galena To Pay $20M To End Investor Suits Over Deceptive PR
Law360, New York (December 4, 2015, 8:40 PM EST) -- Galena Biopharma Inc. and its brass have agreed to pay $20 million to settle a securities class action and a derivative suit accusing them of inflating the company's share price with a misleading marketing campaign and committing insider trading, the pharmaceutical maker announced on Friday.
Galena will pay $20 million to end a securities fraud class action and a shareholder derivative suit, both filed in Oregon federal court after allegations came to light that the company hired two public relations firms to pump up its stock by publishing bullish articles and comments so that directors could profit by selling their shares....
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