Sleazebags, IMO, file lawsuit
No lead plantiff announced...they're still trolling, apparently.
Bernstein Liebhard LLP Announces Class Action Filed on Behalf of Investors in
Geron Corporation
NEW YORK, Dec 22, 2010 (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 "Class") of Geron
Corporation ("Geron" or the "Company") (GERN) common stock during the period July
31, 2010 and December 6, 2010, inclusive (the "Class Period"). 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 Geron's
funding. Defendant Greenwood twice stated that Geron was funded for the
"near-term," 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 "running net
burn number" 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 Greenwood's October 2010 statement, on
December 6, 2010, after the market closed, Defendants announced an $87 million
secondary public offering (the "Offering") -- which, with the underwriters
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.
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 "lead plaintiff" 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 member'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 Journal's "Plaintiffs' Hot List" 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
bernlieb.com.
Bernstein Liebhard LLP 10 East 40th Street New York, New York 10016 (877)
779-1414 bernlieb.com
ATTORNEY ADVERTISING. (C) 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.
SOURCE: Bernstein Liebhard LLP
Bernstein Liebhard LLP
Joseph R. Seidman, Jr., 212-779-1414
seidman@bernlieb.com
bernlieb.com |
