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id: 504, Created by Stan Denisov, Investor
Genocea Unexpected Shut Down Case
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On May 24, 2022, Genocea Biosciences (NASDAQ: GNCA) announced that its Board of Directors voted to wind down the Company's ongoing operations and terminate the remaining employees. Earlier, the Company delivered formal notice to The Nasdaq Stock Market Inc of its intent to delist voluntarily.
Going back to April 28, 2022, Genocea announced that it has initiated a process to explore a range of strategic alternatives to maximize shareholder value and engaged professional advisors, including an investment bank to act as a strategic advisor for this process.
Also, the Company put into place a restructuring plan which included an approximate 65% reduction in the workforce and placed on review its clinical and research programs to determine an appropriate course of action.
In the months and years prior, the Company and Management did not inform the investment community of the extent of the problems that could lead to such an unexpected business closure. Therefore, Investors have every reason to suspect that the Company and its Leaders withheld information and misinformed them, which led to the complete depreciation of their shareholdings.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
24 May 2022