SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased shares of the common stock of Geron Corporation (“Geron” or the “Company”) (NASDAQ: GERN) between March 19, 2018 and September 26, 2018, inclusive (the “Class Period”).
If you purchased shares of the common stock of Geron during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 23, 2020. 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 actions 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.
Geron investors who wish to learn more about the litigation 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.
Geron, incorporated and headquartered in Menlo Park, California, is a biopharmaceutical company.
The complaint alleges that throughout the Class Period, Defendants misled investors regarding the results of a clinical study of a bone cancer treatment drug named imetelstat, and, as a result, Defendants’ statements about Geron’s business and prospects were materially false and misleading. The study, named “IMbark,” was designed to evaluate whether imetelstat benefited patients diagnosed with myelofibrosis cancer. Geron developed imetelstat in partnership with Janssen Biotech, Inc. (“Janssen”).
The truth about Defendants’ fraudulent scheme began to emerge on March 27, 2018 when a biotechnology sector journalist published an article claiming Geron’s and its CEO’s prior statements to investors that imetelstat improved myelofibrosis patients’ survival rate were materially false and misleading. Following this news, the price of Geron stock, which had closed at $5.98 per share on March 26, 2018, fell 29% over the next two days to close at $4.23 per share on March 28, 2018.
On September 27, 2018, Geron announced disappointing results from the IMbark study showing that patients had shown only 10% spleen volume reduction and only a 32% reduction in symptom response rate. In addition, Geron disclosed that Janssen had ended its partnership with Geron for the development of imetelstat. In response to this news, Geron’s stock price plummeted from $6.23 per share to $2.31 per share the next day, a decrease of over 62%.
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 recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.
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