SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action
Against Geron Corporation and Certain Officers -- GERN
NEW YORK, March 28, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP announces the
filing of a class action lawsuit against Geron Corporation ("Geron" or the
"Company") (Nasdaq:GERN) and certain of its officers. The class action, filed
in United States District Court, Northern District of California and docketed
under 14-cv-01424, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired securities of Geron between June
16, 2013 and March 11, 2014, both dates inclusive (the "Class Period"). This
class action seeks to recover damages against the Company and certain of its
officers and directors as a result of alleged violations of the federal
securities laws pursuant to Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Geron securities during the Class
Period, you have until May 13, 2014, to ask the Court to appoint you as Lead
Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Geron is a clinical stage biopharmaceutical company developing a
first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, and failed to disclose material adverse facts
about the Company's business, operations, prospects and performance.
Specifically, Defendants made false and/or misleading statements and/or failed
to disclose: (1) that persistent low-grade LFT abnormalities had been observed
in the Phase 2 study of imetelstat in ET/PV patients; (2) that there was a
potential risk of chronic liver injury following long-term exposure to
imetelstat; and (3) that, as a result of the foregoing, Defendants' positive
statements about the Company and the prospects for imetelstat lacked any
reasonable basis and/or were materially false and misleading at all relevant
On March 12, 2014, Geron disclosed that it had received verbal notice from the
U.S. Food and Drug Administration (the "FDA") that its Investigational New
Drug ("IND") application for imetelstat had been placed on full clinical hold,
affecting all ongoing Company sponsored clinical trials. A full clinical hold
is an order that the FDA issues to a trial sponsor to suspend an ongoing
clinical trial or delay a proposed trial. According to the Company, the FDA
indicated that the clinical hold was due to the occurrence of persistent
low-grade liver function test ("LFT") abnormalities observed in the Phase 2
study of imetelstat in ET/PV patients and the potential risk of chronic liver
injury following long-term exposure to imetelstat. Also, Geron disclosed that
the FDA expressed concern about whether these LFT abnormalities were
reversible. As a result, Geron informed investors that the clinical hold would
affect the remaining eight patients in the Company's Phase 2 study in
essential thrombocythemia ("ET") or polycythemia vera ("PV"), and the
remaining two patients in the company's Phase 2 study in multiple myeloma.
Also, the Company indicated that a planned Phase 2 clinical trial in
myelofibrosis would likely be delayed due to the clinical hold.
On this news, shares of Geron declined $2.71 per share, over 61%, to close at
$1.69 per share on March 12, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members.
CONTACT: Robert S. Willoughby
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