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Bernstein Liebhard LLP Announces Class Action Filed on Behalf of Investors in Geron Corporation

^{Published on 2010-12-22 08:06:49 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Bernstein Liebhard LLP today announced that an action has been filed in the United States District Court for the Northern District of California on behalf of purchasers (the aClassa) of Geron Corporation (aGerona or the aCompanya) (NASDAQ: GERN) common stock during the period July 31, 2010 and December 6, 2010, inclusive (the aClass Perioda). The complaint alleges violations of the Securities Exchange Act of 1934 against Geron and Geron Chief Financial Officer David Greenwood.

During the Class Period, Greenwood made several misstatements concerning Gerona™s funding. Defendant Greenwood twice stated that Geron was funded for the anear-term,a trumpeting the amount of cash the Company 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, Defendant Greenwood stated that Geron had a arunning net burn numbera of $48 million annualized in October, 2010, and $48 to $50 million annualized in July, 2010. Accordingly, the Company should have been funded for 3 years.

Yet, in an about-face, only 5 weeks after Greenwooda™s October 2010 statement, on December 6, 2010, after the market closed, Defendants announced an $87 million secondary public offering (the aOfferinga) a" which, with the underwriters over-allotment became a $93 million offering. On December 7, 2010, Defendants announced the pricing of the Offering a" at $5.00 per share, when Geron shares were trading at $6.12 per share on December 6, 2010.

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

Plaintiff seeks to recover damages on behalf of all Class members who purchased or otherwise acquired shares of Geron during the Class Period. If you purchased or otherwise acquired Geron shares during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than February 21, 2011.

A alead plaintiffa is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class membera™s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.

If you are interested in discussing your rights as a Geron shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [ seidman@bernlieb.com ].

Bernstein Liebhard has pursued hundreds of securities, [ consumer ] and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journala™s aPlaintiffsa™ Hot Lista in each of the last eight years.

You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of California or at [ www.bernlieb.com ].

Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
[ www.bernlieb.com ]

ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.