id: 267, Created by Stan Vick Chase, Scout
Geron Corporation (GERN) $24M Shareholder Settlement
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- Company agreed to pay compensation to its investors, to avoid further litigation
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19 Mar 2018Class period Start
26 Sept 2018Class period End
14 Jul 2023Claim deadline
Geron Corporation (GERN) settles $24 million with investors in a lawsuit over misleading statements related to IMbark study data.
The Company and its Leaders, along with Geron’s development partner, Janssen Biotech Inc. (“Janssen”), a division of Johnson & Johnson, were conducting a Phase 2 clinical trial called IMbark on Geron’s only drug candidate, imetelstat.
- It is alleged that the Company and its Leaders made materially false and misleading statements to investors, and failed to disclose material facts Defendants had a duty to disclose to make their representations not misleading, concerning certain study data results from the IMbark study and certain risk factors.
- The Complaint alleges that Defendants should have disclosed the allegedly bad news about the IMbark study data when they disclosed allegedly good news about the study.
- Allegedly, when the truth was disclosed at the end of the Class Period, Geron’s stock declined by over 71%.
Johnson Fistel LLP, Julia Junge, Richard Junge
Kaplan Fox & Kilsheimer LLP
Hon. William Alsup
Court hearing date
24 August 2023
14 July 2023
09 March 2023
09 March 2023
$14000000 by cash, and $7000000 by Securities
+$24,000,000Total Settlement Amount
28 August 2023
$GERN Case Update:
- Judge gave final approval for the $24 million settlement between $GERN and investors.
- Court also approved attorney fees of $4.3 million.