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Hagens Berman Investigates Geron Corporation for Securities Violations

^{Published on 2010-12-23 16:41:15 - Market Wire}
 

SAN FRANCISCO--([ BUSINESS WIRE ])--Hagens Berman is investigating Geron Corp. (NASDAQ:GERN) on behalf of investors after a lawsuit claims the biopharmaceuticals company violated the Securities Exchange Act of 1934. Investors may be eligible to recover losses that resulted from misleading statements allegedly made by the Geron Corp. and its Chief Financial Officer David Greenwood.

Investors who purchased GERN common stock between July 30, 2010 and December 6, 2010 (Class Period), and incurred losses greater than $100,000, are encouraged to contact Hagens Bermana™s partner Reed R. Kathrein at 510-725-3000 or [ through the firma™s website ] for a consultation. Large investors who wish to serve as lead plaintiff must file a motion with the Court no later than February 21, 2011.

According to a complaint, filed in the U.S. District Court of California on December 21, 2010, Mr. Greenwood allegedly made several deceiving statements concerning Gerona™s funding, which may have misled investors to believe the company had financial backing for three years.

Mr. Greenwood twice stated that Geron Corp. was funded for the anear-term,a and assured the public that the company had cash on hand, which he set at $156 million at the end of July 2010 and $146 million at the end of October 2010, the lawsuit states. The lawsuit also alleges that Mr. Greenwood confirmed that Geron Corp. had a arunning net burn numbera of $48 million annualized in October 2010 and $48 to $50 million annualized in July 2010.

Yet, on December 7, 2010, Geron Corp. then announced the pricing of the new public offering at $5.00 per share, when GERN shares were trading at $6.12 per share on December 6, 2010. The announcement came just five weeks after Mr. Greenwood issued statements concerning the companya™s funding. Consequently, stock fell almost 20 percent after the companya™s new public offering announcements.

Investors who purchased GERN stock during the proposed Class Period may be eligible to recover damages, and represent others with similar claims against the company. More information about this case is available at: [ http://www.hbsslaw.com/gern ].

About Hagens Berman

Hagens Berman Sobol Shapiro LLP is a investor-rights class-action law firm with offices in San Francisco, Boston, Chicago, Colorado Springs, Los Angeles, Phoenix, Seattle and Washington, D.C. Founded in 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the law firm and its successes can be found at [ www.hbsslaw.com ].