Geron Corporation (NASDAQ: GERN) Investor Securities Class Action Lawsuit 03/14/2014

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Company Name(s): 
Geron
Case Name: 
Geron Shareholder Class Action Lawsuit 03/14/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: GERN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/14/2014
Class Period Begin: 
12/10/2012
Class Period End: 
03/11/2014
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
05/13/2014
Date Settled: 
04/07/2017
Settlement Amount: 
$6,250,000
Deadline to Participate in Settlement: 
07/11/2017
Summary: 

July 21, 2017 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

April 7, 2017 - The court preliminarily approved the settlement.

March 2, 2017 - Parties filed a stipulation of settlement.

April 15, 2015 - The court granted in part and denied in part defendants' motion to dismiss.

November 18, 2014 - The defendants filed a motion to dismiss.

September 19, 2014 - The lead plaintiff filed an amended complaint.

June 30, 2014 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

May 13, 2014 - Lead plaintiff motions were filed.

March 14, 2014 - An investor in shares of Geron Corporation (NASDAQ: GERN) filed a lawsuit in the U.S. District Court for the Northern District of California against Geron Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between June 16, 2013 and March 11, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Geron Corporation (NASDAQ: GERN) between June 16, 2013 and March 11, 2014, that Geron Corporation and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between June 16, 2013, and March 11, 2014, Geron Corporation allegedly omitted to disclose material facts showing imetelstat's poor prospects, including that persistent low-grade liver function test (LFT) abnormalities had been observed in the Phase 2 study of imetelstat in essential thrombocythemia (ET) or polycythemia vera (PV) patients and that there was a potential risk of chronic liver injury following long-term exposure to imetelstat.

Geron Corporation reported that its annual Total Revenue rose from $2.44 million in 2011 to $2.7 million in 2012 and that its respective Net Loss declined from $96.85 million to $68.88 million.

Shares of Geron Corporation (NASDAQ: GERN) grew from $1.02 per share in April 2013 to as high as $5.86 per share in December 2013, respectively $5.71 per share in January 2014.

Then on March 12, 2014, Geron Corporation (NASDAQ: GERN) announced that the company has received verbal notice from the U.S. Food and Drug Administration (“FDA”) that its Investigational New Drug “(IND”) application for imetelstat has been placed on full clinical hold, affecting all ongoing company-sponsored clinical trial.

Shares of Geron Corporation (NASDAQ: GERN) dropped from $4.66 per share on March 11, 2014 to $1.40 per share on March 12, 2014.