1. Scrip
  2. >>Business
  3. >>Legal & IP

Galena, ImmunoCellular Caught Up In US SEC Clampdown On Fraudulent Stock Promotions

 
• By Brenda Sandburg

Four biopharma firms allegedly paid writers to post positive articles about their stocks that were merely "paid advertisements"; in settlement, former CEOs of Galena and ImmunoCellular barred from being officer or director for five years and ordered to pay $1.3m and $2.9m, respectively.

Clouds-Lightning-Storm_1200x675

The former CEOs of Galena Biopharma Inc. and ImmunoCellular Therapeutics Ltd. received the harshest penalties in Securities and Exchange Commission enforcement actions against four biopharma companies for fraudulently promoting their stocks. They agreed to settlements that bar them from serving as an officer or director of any entity that has registered securities for five years.

In addition, Galena's former CEO Mark Ahn must pay a disgorgement of $677,250 plus prejudgment interest of $67,181 and a...

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required
Start Free Trial

Already a subscriber?

More from Legal & IP

Regeneron Wins PCSK9 Court Battle Against Amgen

 
• By Alaric DeArment

A federal court jury found Amgen liable for violating antitrust laws in allegedly preventing Praluent from competing against Repatha.

Which Firms Are Most Exposed To Prasad’s Possible Accelerated Approvals Clampdown?

 
• By Andrew McConaghie

Vaccine and accelerated approvals are expected to face greater scrutiny under new CBER leader Vinay Prasad, but he has promised “no light switch change” to policy, giving some reassurance to companies whose share prices have been battered.

OPPI’s Matai On Section 3(d) Of India’s Patent Regulations: Now’s The Time To Open Up

 
• By Anju Ghangurde

Anil Matai, director general, Organization of Pharmaceutical Producers of India, talks in this audio interview about the evolving intellectual property landscape in India post the 2024 amendments, including long-standing sticking points such as Section 3(d) of India’s patent regulations and innovator firms' experience of the Bolar provision. There’s also a "compelling reason" to consider regulatory data protection, he claims.

NIH Funding Cut Left Less Money On R&D Table, Tariffs Would Add To Woes: Aragen’s CEO

 
• By Vibha Ravi

Funding cuts at the National Institutes of Health, big pharma’s US onshoring moves, GCC partnerships and talks with the Indian government to solve intellectual property challenges are discussed in an interview with Aragen’s CEO, who is also keenly watching the Trump administration’s moves on pharma tariffs

More from Business

Syncona Looks To Go Private As Market Decline Deepens

 
• By Andrew McConaghie

While some are calling for Syncona to be wound up, the UK-based company believes many existing and new investors will back the creation of new private fund.

ASCO: Pushing The Frontiers Of ADCs

 
• By Mary Jo Laffler

Antibody-drug conjugates are a major part of the oncology pipeline, and data presented at the American Society of Clinical Oncology meeting highlight the emergence of new technologies.

Top 10 Drugs Q1 2025: Keytruda Dominates; Mounjaro Climbs

 
• By Eleanor Malone

Lilly’s Mounjaro for diabetes rose from sixth to third position among the top-selling drugs in the first quarter of 2025, Rival Ozempic retained second position and Merck & Co’s immuno-oncology blockbuster Keytruda stayed far ahead.