Health & Fitness
Health and Fitness
Health and Fitness
Mon, January 10, 2011
Sun, January 9, 2011
Fri, January 7, 2011
Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Geron Corporation, Announces Class Action Lawsuit and Seeks
LOS ANGELES--([ BUSINESS WIRE ])--Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased the common stock of Geron Corporation (aGerona or the aCompanya) (NASDAQ:GERN) between July 30, 2010 and December 6, 2010, inclusive (the aClass Perioda).
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at 310-201-9150 or Toll Free at 888-773-9224, by email at [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].
The Complaint charges Geron and the Companya™s chief financial officer (aCFOa) with violations of federal securities laws. Geron develops biopharmaceuticals for the treatment of cancer and chronic degenerative diseases, including central nervous system disorders, heart failure, diabetes and osteoarthritis. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning the Companya™s financial condition and prospects were materially false and misleading. Specifically, during the Class Period the CFO twice stated that Geron was funded for the anear-terma a" with purportedly $156 million cash on-hand at the end of July 2010, and $146 million at the end of October 2010 a" and that Geron had a arunning net burn numbera of $48 million annualized in October 2010 and $48-$50 million annualized in July 2010. Accordingly, the Company should have been funded for three years.
However, after the market closed on December 6, 2010 a" only five weeks after the October 2010 statement a" defendants, in an about-face, announced an $87 million secondary public offering, which with the underwritersa™ over-allotment became a $93 million offering. On December 7, 2010, defendants announced the pricing of the offering at $5.00 per share, when Geron shares were trading at $6.12 per share on December 6, 2010.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than February 21, 2011, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at 310-201-9150 or Toll Free at 888-773-9224, by e-mail to [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].
