San Diego, CA -- (ReleaseWire) -- 06/11/2014 -- An investigation on behalf of current long-term investors in shares of Geron Corporation (NASDAQ:GERN) concerning potential breaches of fiduciary duties by certain directors and officers of Geron Corporation was announced.
Investors who are current long term investors in Geron Corporation (NASDAQ:GERN) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:GERN stocks follows a lawsuit filed recently against Geron Corporation (over alleged securities laws violations. The investigation on behalf of current long term investors in Geron Corporation (NASDAQ:GERN) stocks, concerns whether certain Geron Corporation (NASDAQ:GERN) officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that Geron Corporation and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff claims that between June 16, 2013, and March 11, 2014, Geron Corporation allegedly omitted to disclose material facts showing imetelstat's poor prospects, including that persistent low-grade liver function test (LFT) abnormalities had been observed in the Phase 2 study of imetelstat in essential thrombocythemia (ET) or polycythemia vera (PV) patients and that there was a potential risk of chronic liver injury following long-term exposure to imetelstat.
On March 12, 2014, Geron Corporation (NASDAQ:GERN) announced that the company has received verbal notice from the U.S. Food and Drug Administration (“FDA”) that its Investigational New Drug “(IND”) application for imetelstat has been placed on full clinical hold, affecting all ongoing company-sponsored clinical trial. Shares of Geron Corporation (NASDAQ:GERN) dropped from $4.66 per share on March 11, 2014 to $1.40 per share on March 12, 2014.
Those who purchased shares of Geron Corporation (NASDAQ:GERN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego