SAN DIEGO, Feb. 14, 2020 /PRNewswire/ -- Berger Montague is investigating securities fraud claims against Geron Corporation ("Geron" or the "Company") on behalf of all purchasers of Geron common stock (NASDAQ: GERN) between March 19, 2018 and September 26, 2018 ("Class Period").
If you wish to discuss the claims against Geron or have any questions concerning your rights or interests, please contact our attorneys Benjamin Galdston, Esq. at (858) 539-9767, or Andrew Abramowitz, Esq. at (215) 875-3015.
We believe the Company and its executives may have violated the federal securities laws by making misleading statements regarding "IMbark," a clinical trial for the Company's flagship bone marrow cancer drug imetelstat. A successful clinical trial was essential both for FDA approval of imetelstat and for Geron's lucrative partnership with Johnson & Johnson. Under the terms of that partnership, Geron would be paid $65 million with hundreds of millions of dollars in future milestone payments if the Company could successfully bring imetelstat to market.
Unbeknownst to investors, however, imetelstat failed the IMbark clinical trial. Instead of timely informing the market, Geron allegedly did not disclose that two critical success criteria—spleen volume and a composite of various symptoms called the Total Symptom Score (TSS)—had shown a lack of efficacy of the drug.
On September 27, 2018, the Company finally admitted that the IMbark trial was a failure, disclosing that study results showed only a 10% decrease in spleen volume, when 35% or more was required for success, and a 32% reduction in TSS, when at least 50% was required. Geron also disclosed that Johnson & Johnson had terminated its partnership with the Company worth potentially hundreds of millions of dollars. On this news, Geron shares dropped 62% in a single day, wiping out $720 million in equity and causing investors massive losses.
If you purchased Geron common stock during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is March 23, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Geron Corporation should consider their options to help Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of successful recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, San Diego, Minneapolis, and Washington, D.C., has been a pioneer in securities class action litigation since 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.