CINCINNATI, Jan. 3, 2011 (GLOBE NEWSWIRE) -- Attorney Advertising
The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that a shareholder complaint alleging securities laws violations has been commenced in the United States District Court for the Northern District of California on behalf of shareholders who purchased the common stock of Geron Corporation ("Geron" or the "Company") (Nasdaq:GERN) between July 30, 2010 and December 6, 2010 (the "Class Period"). Geron develops biopharmaceuticals for the treatment of cancer and chronic degenerative diseases.
The firm began investigating Geron on December 6, 2010 when the Company unexpectedly announced a secondary offering, contradicting the Company's earlier statements that it was funded for the near-term. Specifically, on July 29, 2010, the Company announced that it would report $156 million cash on its balance sheet at the end of the second quarter of 2010. Furthermore, Geron CFO David Greenwood stated in a conference call on October 20, 2010 that the Company was ending the third quarter with $146 million cash on the balance sheet and that the Company was "funded for the near-term." Subsequent to these statements, on December 6, 2010, Geron announced an $87 million secondary public offering of 17.4 million shares priced at $5 per share - $1.12 below the Company's trading price of $6.12.
As a direct result of these contradictory statements, on December 7, 2010, the Company's stock fell to $5.00, a drop of almost 20%.
If you purchased Geron stock during the Class Period, you may request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not affected by your decision whether or not to serve as lead plaintiff.
If you wish to discuss this action or have any questions, please contact attorney Melinda Nenning at (513) 345-8181, Ext. 3095 or mnenning@statmanharris.com for further information without any obligation or cost to you.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio. www.statmanharris.com