NEW YORK, NY / ACCESSWIRE / December 28, 2017 / The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Genocea Biosciences, Inc. (GNCA) who purchased shares between August 4, 2016 and September 25, 2017. The action, which was filed in the U.S. District Court for the District of Massachusetts, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (i) the Company's finances were insufficient to support Phase 3 trials of GEN-003; (ii) accordingly, Genocea had overstated the prospects for GEN-003; and (iii) as a result of the foregoing, Genocea's public statements were materially false and misleading at all relevant times.
On September 25, 2017, Genocea disclosed that it was halting spending and activities on GEN-003 and exploring strategic alternatives for the drug. The Company also announced that it was cutting 40% of its workforce.
Shareholders have until January 2, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sb/genocea-biosciences-inc?wire=3.
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
Joseph Klein, Esq.
Empire State Building
350 Fifth Avenue
New York, NY 10118
Telephone: (212) 616-4899
Fax: (347) 558-9665
SOURCE: The Klein Law Firm