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Geron Corporation (NASDAQ: GERN) Investor Securities Class Action Lawsuit 12/21/2010

  • If you purchased shares of Geron Corporation (NASDAQ: GERN), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Geron Corporation
Security
NASDAQ: GERN

Case Name
Geron Shareholder Class Action 12/23/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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

February 15, 2011 - The court ordered the case dismissed.
February 14, 2011 - The plaintiff filed a notice of voluntary dismissal.

December 21, 2010 - An investor in shares of Geron Corporation (NASDAQ: GERN) filed a lawsuit in the U.S. District Court for the Northern District of California against Geron Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 31, 2010 and December 6, 2010.

According to the complaint the plaintiff alleges on behalf of purchasers of Geron Corporation (NASDAQ: GERN) common stock during the period July 31, 2010 and December 6, 2010 that Menlo Park, California based Geron Corporation and its chief financial officer David Greenwood violated the Securities Exchange Act of 1934 by issuing between July 31, 2010 and December 6, 2010 several misstatements concerning Geron Corporation’s funding.

Greenwood twice stated that Geron Corporation was funded for the “near-term,” trumpeting the amount of cash Geron Corporation had on hand, which he put at $156 million at the end of July, 2010 and $146 million at the end of October, 2010. Significantly, Greenwood stated that Geron Corporation had a “running net burn number” of $48 million annualized in October, 2010, and $48 to $50 million annualized in July, 2010. Accordingly, Geron Corporation should have been funded for 3 years, so the lawsuit. Shares of Geron Corporation (NASDAQ: GERN) rose from $4.80 per share on July 29 to $6.07 per share on August 2, 2010 and $6.37 on October.

Then on December 6, 2010, after the market closed, and Geron Corporation announced an $87 million secondary public offering, which, with the underwriters over-allotment became a $93 million offering. On December 7, 2010, Geron Corporation announced the pricing of the secondary public offering at $5.00 per share, when Geron Corporation shares were trading at $6.12 per share on December 6, 2010.

Then after the December 6, 2010 after-market disclosure and the December 7, 2010 statement, Geron Corporation stock fell almost 20% in heavy trading, from a December 6, 2010 close of $6.12 to a December 7, 2010 close of $5.