The Rosen Law Firm, P.A and Pomerantz LLP Announce Proposed Settlement of Galena Biopharmaceutical Securities Litigation - GALE

NEW YORK, March 03, 2016 --

UNITED STATES DISTRICT COURT
DISTRICT OF OREGON

IN RE GALENA BIOPHARMA, INC.
SECURITIES LITIGATION,

Case No.:3:14-cv-00367-SI

SUMMARY NOTICE OF PROPOSED PARTIAL SETTLEMENT OF CLASS ACTION, MOTION FOR ATTORNEYS’ FEES AND EXPENSES,
AND FINAL APPROVAL HEARING

TO:    ALL PERSONS AND ENTITIES THAT PURCHASED GALENA BIOPHARMA, INC., (“GALENA”) COMMON STOCK DURING THE PERIOD FROM AUGUST 6, 2013 THROUGH MAY 14, 2014, BOTH DATES INCLUSIVE (THE “CLASS PERIOD”).

EXCLUDED FROM THE CLASS ARE DEFENDANTS, THE OFFICERS AND DIRECTORS OF GALENA, AND THEIR FAMILIES AND AFFILIATES.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Oregon, that a hearing will be held on June 23, 2016, at 3:30 p.m., before the Honorable Michael H. Simon, United States District Judge, at the courthouse for the United States District Court, District of Oregon, Portland Division, 1000 Southwest Third Avenue, Portland, Oregon 97204, for the purpose of determining, among other things,: (1) whether the proposed Settlement of the Class’s claims against the Settling Defendants for $19 million in cash and $1 million in Galena common stock should be approved as fair, reasonable and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether the application by Co-Lead Counsel for an award of attorneys’ fees and expenses in the amount of 25% of the settlement amount ($4.75 million in cash and $250,00 in Galena common stock) should be approved; (4) whether the Lead Plaintiff’s application for reimbursement of costs and expenses in an amount not to exceed $475,000 should be granted; (5) whether the Lead Plaintiffs’ application for an incentive award in the amount of $5,000 for each one of the four Lead Plaintiffs should be granted and (6) whether the Action should be dismissed with prejudice against the Settling Defendants as set forth in the Settlement Stipulation filed with the Court.

If you purchased or otherwise acquired Galena common stock between August 6, 2013 and May 14, 2014, both dates inclusive, your rights may be affected by this Action and the Settlement thereof. If you have not received the detailed Notice Of Proposed Partial Settlement Of Class Action, Motion For Attorneys’ Fees And Expenses, And Final Approval Hearing (the “Notice”) and Proof of Claim and Release Form, you may obtain them free of charge by contacting the Claims Administrator, by mail at: In re Galena Biopharma Inc. Securities Litigation, c/o KCC Class Action Services, PO Box 40007, College Station, TX 77842-4007; by telephone at (844) 830-5235; or by visiting the website at: www.galenasecuritieslitigation.com

If you are a member of the Class and wish to share in the Settlement money, you must submit a Proof of Claim no later than April 16, 2016 establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, by no later than June 2, 2016. 

You have the right to object to the Settlement, Plan of Allocation or the request for attorneys’ fees and expenses and incentive awards to Lead Plaintiffs. Any objections to the Settlement, Plan of Allocation, or requests for attorney’s fees and expenses or incentive awards to Lead Plaintiffs must be filed with, or mailed to, the Court, in accordance with the procedures set forth in the Notice, no later than June 9, 2016.

Inquiries, other than requests for the Notice, may be made to Co-Lead Counsel for the Class: Laurence M. Rosen, Esq., The Rosen Law Firm, P.A., 275 Madison Avenue, 34th Floor, New York, NY 10016, [email protected]; or Leigh Handelman Smollar, Esq. Pomerantz LLP, 10 South La Salle Street, Suite 3505, Chicago, IL 60603, [email protected].

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE
CLERK’S OFFICE, THE DEFENDANTS, OR DEFENDANTS’ COUNSEL

DATED:   February 16, 2016                     
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR DISTRICT OF OREGON