The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the securities of Galena Biopharma, Inc. (“Galena” or the “Company”) (Nasdaq:GALE), between May 9, 2013 and February 14, 2014, inclusive (the “Class Period”).

If you purchased or otherwise acquired Galena securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 5, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Galena investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.

Background on the Galena Securities Class Litigation

The actions charge Galena and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Galena, based in Portland, Oregon, is a biotechnology company focused on the development and commercialization of targeted oncology treatments.

The actions allege that, throughout the Class Period, defendants made false and/or misleading statements and failed to disclose material adverse information about Galena’s business, operations, and prospects, including the fact that Galena had hired a promoter to boost its share price and that the promoter had posted misleading articles on behalf of the Company without properly disclosing its paid relationship. As a result of defendants’ false statements, Galena’s stock traded at artificially inflated prices during the Class Period, reaching a high of $7.48 per share on January 16, 2014. While the stock price was artificially inflated, Company insiders sold over 2.8 million shares of Galena stock for more than $15.2 million in proceeds.

On February 12, 2014, TheStreet.com published an article entitled “Galena Biopharma Pays For Stock-Touting Campaign While Insiders Cash Out Millions” claiming that Galena was engaging in a misleading “brand awareness campaign” directed at boosting its stock price, and that the Company had paid an investor relations firm, The DreamTeamGroup (“The DreamTeam”), to publish articles under aliases promoting Galena’s stock without disclosing who had paid for them. On this news, the price of Galena’s stock fell $0.85 per share, or 16.38%, from a closing price of $5.19 on February 11, 2014, to close at $4.34 per share on February 12, 2014, on extraordinarily high trading volume.

On February 14, 2014, Galena issued a letter to shareholders conceding that it had hired The DreamTeam. On this news, the price of Galena’s stock fell an additional $0.63 per share, or 14.4%, from a closing price of $4.36 on February 13, 2014, to close at $3.73 per share on February 14, 2014, on extremely high trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation for eleven years. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last eleven consecutive years.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.

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