Galena Biopharma Inc (NASDAQ:GALE)’s securities litigation might be coming to an end, as the company’s proposed settlement is set to be presented in court. The hearing on the matter is expected to be held on June 26, 2016. GALE also announced that it would release its 4Q2015 and FY2015 financial report on March 10. Additionally, the company’s corporate strategy and update would also be a part of the conference call.
As per the proposed settlement, GALE would pay $19 million in cash and $1 million in common stock. At the hearing, the judge would determine, if the settlement is fair. Added to this, the judge will also analyze the plan of allocation, to determine if it is reasonable. The Co-Lead Counsel for the matter has asked 25% of the settlement amount to pay as attorney’s fees. However, the court is yet to announce a ruling on the matter, amongst other things. Class members, who were affected by the litigation in question, have been asked to submit a proof of claim, before April 16, 2016.
Apart from the litigation, GALE has also been notified by NASDAQ that its share price has been below $1 for more than 30-business days. Therefore, the company is no longer eligible to be listed on NASDAQ, as per the rules of the listing. As such, Galena has until August 22, 2016, to regain its share value and bring it in compliance with the listing regulations. GALE is expected to regain and hold its share price, above $1 for more than 10-days, to ensure continued listing on NASDAQ, after the said date.
In a recent 8-K filed with the regulatory, GALE revealed that John T. Burns had been appointed as the principle accounting officer, at the company. The appointment was made in June 2015. Furthermore, from the annual shareholder meeting in June 2016, the board would only be entitled to an annual cash retainer for board positions, instead of an annual cash retainer for board and committee positions.
Galena Biopharma Inc (NASDAQ:GALE) gained 1.17%, during the March 3 trading session, after having a trade volume of 2.62 million, to reach a close at $0.95.
