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GERN.US
id: 267

Geron Corporation (GERN) $24M Shareholder Settlement

The settlement funds have been distributed to claimants.
$24,000,000
Cash Settlement
N.D. California
Court
3:20-cv-00547
Case number
03/19/2018
Class period Start
09/26/2018
Class period End
07/14/2023
Claim deadline

Geron Corporation (GERN) settles $24 million with investors in a lawsuit over misleading statements related to IMbark study data.

The Company and its Leaders, along with Geron’s development partner, Janssen Biotech Inc. (“Janssen”), a division of Johnson & Johnson, were conducting a Phase 2 clinical trial called IMbark on Geron’s only drug candidate, imetelstat.

  • It is alleged that the Company and its Leaders made materially false and misleading statements to investors, and failed to disclose material facts Defendants had a duty to disclose to make their representations not misleading, concerning certain study data results from the IMbark study and certain risk factors.

  • The Complaint alleges that Defendants should have disclosed the allegedly bad news about the IMbark study data when they disclosed allegedly good news about the study.

  • Allegedly, when the truth was disclosed at the end of the Class Period, Geron’s stock declined by over 71%.

Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.17
Plaintiffs
Johnson Fistel LLP, Julia Junge, Richard Junge
Attorneys
Kaplan Fox & Kilsheimer LLP
Judge
Hon. William Alsup
Administrator
EPIQ
Court hearing date
08/24/2023
Exclusion deadline
07/14/2023
Objection deadline
03/09/2023
Hearing deadline
03/09/2023
Settlement conditions
$14000000 by cash, and $7000000 by Securities
Trades matching type
FIFO
Disbursement date
07/11/2024