In re Galena Biopharma, Inc.

OPINION AND ORDER ON MOTION TO DISMISS

MICHAEL H. SIMON, District Judge.

This shareholder derivative action is brought by shareholders (“Plaintiffs”) of nominal defendant Galena Biopharma, Inc. (“Galena” or “Company”). Plaintiffs allege that certain members of Galena’s Board of Directors (“Board”) and executive officers of Galena (collectively, “Defendants”) breached their fiduciary duties and were unjustly enriched by engaging in a scheme to artificially inflate the price of Galena’s stock. Plaintiffs further allege that many Defendants sold their personally-owned Galena stock at artificially…