Shareholder Alert: Robbins LLP Announces Geron Corporation (GERN) Sued for Misleading Shareholders
28 January 2020 - 11:15AM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Geron Corporation (NASDAQ: GERN) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between March 19, 2018 and
September 26, 2018. Geron is a biopharmaceutical company that
focuses on the development of therapeutics for hematologic myeloid
malignancies.
If you suffered a loss as a result of Geron's misconduct, click
here.
Geron Corporation Inc. (GERN) Accused of Misleading
Shareholders
According to the complaint, Geron was developing its drug
imetelstat in partnership with Janssen Biotech Inc. This
partnership was contingent upon the results of Geron's clinical
drug study of imetelstat, called the IMbark trial. For IMbark to
succeed, the trial's primary endpoints needed patients in the study
to show at least 35% reduction on spleen volume and a minimum 50%
reduction in Total Symptom Score ("TSS"). The actual results of the
IMbark trial were disappointing and not even close to the results
required for success, and IMbark was therefore determined a failure
by a joint review committee consisting of Geron and Janssen
employees. Despite these dismal results, in March 2018, Geron's CEO
instead touted the median overall survival of IMbark patients,
failing to disclose the disappointing results of its primary
endpoints and causing Geron's stock to increase more than 28%.
Then, on September 27, 2018, Geron finally admitted the failure of
the IMbark trial and the consequent termination of its partnership
with Janssen. On this news, the price of Geron's stock plummeted
62% to close at $2.31 per share and has yet to recover.
Geron Corporation Inc. (GERN) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200127005742/en/
Leo Kandinov Robbins LLP lkandinov@robbinsllp.com (619) 525-3990
or Toll Free (800) 350-6003 www.robbinsllp.com
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