BERKELEY, Calif.--(BUSINESS WIRE)--
Hagens Berman Sobol Shapiro LLP a national investor-rights law firm, is investigating Geron Corporation (GERN) (“Geron” or “the Company”) for securities fraud following allegations that the company distributed false and misleading statements to investors concerning its business and prospects, and advises investors of the May 13, 2014 lead plaintiff deadline. Investors who have suffered significant financial losses, and who want to discuss their options, can contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by emailing Geron@hbsslaw.com or by calling 510-725-3000.
The securities fraud class-action lawsuit, filed on March 14, 2014, on behalf of investors who purchased Geron stock between June 16, 2013 and March 11, 2014 (the “Class Period”), alleges that the company failed to disclose key information to its investors regarding the halting of its sponsored clinical trials by the FDA. For more information about the suit, visit http://hb-securities.com/investigations/Geron.
The complaint alleges that Geron, a clinical stage biopharmaceutical company, misrepresented or failed to disclose that persistent low-grade liver function test (LFT) abnormalities had been observed in the study of imetelstat – the company’s sole product candidate. According to the complaint, the company received notice from the FDA on March 12, 2014, that its work with imetelstat had been placed on full clinical hold, greatly affecting Geron’s sponsored clinical trials; Geron failed to disclose this information to investors. This hold was due to the potential risk of chronic liver injury following long-term exposure to imetelstat. Following this news, Geron shares declined $2.71 per share, more than 61 percent, to close at $1.69 per share on March 12, 2014.
“When a company fails to disclose information that an investor would want to know, it puts stakeholders at risk, especially when the information involves the majority of their product,” said Mr. Kathrein. “Our investigation focuses on Geron’s knowledge of persistent low-grade LFT levels, and its concern about these levels.”
The deadline to file for lead plaintiff in a recently filed securities fraud class action is May 13, 2014.
Persons with non-public information regarding Geron should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hb-securities.com. Read the firm’s Securities Newsletter at http://www.hb-securities.com/newsletter. The firm’s blog is located at www.meaningfuldisclosure.com.
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- Geron Corporation
- Hagens Berman Sobol Shapiro
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Mark Firmani, 206-443-9357