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GNCA.US
id: 504, Created by Stan Vick, Investor

Genocea Unexpected Shut Down

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.
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
24 May 2022
Collecting participants…
Created by Stan Vick, Investor

Genocea Biosciences Inc

Genocea Biosciences, Inc., a biopharmaceutical company, discovers and develops novel cancer immunotherapies. The company uses its proprietary discovery platform, ATLAS, which profiles each patient'...

    Ticker
    GNCA.US
    ISIN
    US3724274010
    CIK
    1457612
    Sector
    Healthcare
    Industry
    Biotechnology & Medical Research
    Country
    USA
    Address
    100 Acorn Park Drive, Cambridge, MA, United States, 02140