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Genocea Biosciences Inc (NASDAQ:GNCA) Investor Securities Class Action Lawsuit 11/01/2017

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Lawsuit Overview

Case Dismissed
Company
Genocea Biosciences Inc
Security
NASDAQ: GNCA

Case Name
Genocea Biosciences Shareholder Class Action Lawsuit 11/01/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 23, 2019 - The Court of Appeals ordered the appeal be voluntarily dismissed.

January 7, 2019 - A notice appealing the motion to dismiss was filed.

December 6, 2018 - The court granted the defendants' motion to dismiss.

May 14, 2018 - A motion to dismiss the amended consolidated complaint was filed.

March 29, 2018 - An amended consolidated complaint was filed.

October 31, 2017 - An investor in shares of Genocea Biosciences Inc (NASDAQ:GNCA) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Genocea Biosciences Inc in connection with certain allegedly false and misleading statements made between May 5, 2017 and September 25, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Genocea Biosciences Inc (NASDAQ:GNCA) common shares between May 5, 2017 and September 25, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 5, 2017 and September 25, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that the Company's finances were insufficient to support Phase 3 trials of GEN-003, that accordingly, Genocea had overstated the prospects for GEN-003, and that as a result of the foregoing, Genocea's public statements were materially false and misleading at all relevant times.

Cambrdige, MA based Genocea Biosciences, Inc., is harnessing the power of T cell immunity to develop vaccines and immunotherapies company. Genocea Biosciences Inc went public in February 2014 and shares of Genocea Biosciences Inc (NASDAQ:GNCA) reached $22.70 per share in June 2014.

On September 25, 2017, after the market closed, Genocea Biosciences Inc disclosed that it was halting spending and activities on GEN-003 and exploring strategic alternatives for the drug. The Company also announced that it was cutting 40% of its workforce.

Shares of Genocea Biosciences Inc (NASDAQ:GNCA) declined on November 1, 2017 to as low as $1.08 per share.