In re Galena Biopharma, Inc. Securities Litigation

*1156OPINION AND ORDER

MICHAEL H. SIMON, District Judge.

This putative class action securities fraud case is brought by shareholders (“Plaintiffs”) of Defendant Galena Biophar-ma, Inc. (“Galena” or “Company”). Plaintiffs allege that Galena, certain members of Galena’s Board of Directors (“Board”), and executive officers of Galena engaged in a fraudulent scheme to promote Galena and increase its stock price so that many of Galena’s officers and directors could (and did) sell their personally-owned Galena stock at artificially high prices, in a “pump and dump” insider trading scheme. Plaintiffs…