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The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the securities of Geron Corporation (“Geron” or the “Company”) (NasdaqGS: GERN) between June 16, 2013 and March 11, 2014, inclusive (the “Class Period”).
If you purchased or otherwise acquired Geron securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 13, 2014. 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 action 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 action 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.
Background on the Geron Securities Class Litigation
The actions charge Geron and certain of its officers with violations of the Securities Exchange Act of 1934. Geron is a clinical stage biopharmaceutical company developing therapies for cancer. The Company’s sole product candidate, imetelstat, is designed to inhibit cancer cell replication in hematologic myeloid malignancies such as myelofibrosis or acute myelogenous leukemia.
The actions allege that, throughout the Class Period, defendants misrepresented or failed to disclose 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.
On March 12, 2014, Geron disclosed that it had received verbal notice from the U.S. Food and Drug Administration (“FDA”) that Geron’s Investigational New Drug application for imetelstat has been placed on full clinical hold, and that the FDA had expressed concerns about whether the LFT abnormalities were reversible. Geron subsequently announced that the clinical hold would affect the eight patients remaining in the Company’s Phase 2 study in ET/PV and the two patients remaining in the Company’s Phase 2 study in multiple myeloma. Geron also indicated it was likely that a planned Phase 2 clinical trial in myelofibrosis would be delayed due to FDA’s clinical hold. On this news, the price of Geron shares dropped $2.71 per share, or approximately 61%, from a closing price of $4.40 per share on March 11, 2014, to close at $1.69 per share on March 12, 2014, on extremely heavy trading volume.