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GERN.US
id: 267

Geron Corporation (GERN) $24M Shareholder Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
N.D. California
Court
3:20-cv-00547
Case number
19 Mar 2018
Class period Start
26 Sept 2018
Class period End
14 Jul 2023
Claim 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%.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.17
Plaintiffs
Johnson Fistel LLP, Julia Junge, Richard Junge
Attorneys
Kaplan Fox & Kilsheimer LLP
Judge
Hon. William Alsup
Administrator
EPIQ
Court hearing date
24 August 2023
Exclusion deadline
14 July 2023
Objection deadline
09 March 2023
Hearing deadline
09 March 2023
Settlement conditions
$14000000 by cash, and $7000000 by Securities
Trades matching type
FIFO
+$24,000,000
Total Settlement Amount

Geron Corporation

Geron Corporation, a late-stage clinical biopharmaceutical company, focuses on the development and commercialization of therapeutics for myeloid hematologic malignancies. It develops imetelstat, a ...

    Ticker
    GERN.US
    ISIN
    US3741631036
    CIK
    886744
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    919 East Hillsdale Boulevard, Foster City, CA, United States, 94404