CINCINNATI, Dec. 13, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising
The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that it is investigating Geron Corporation ("Geron" or the "Company") (Nasdaq:GERN) for potential violations of state and federal law. Geron Corporation develops biopharmaceuticals for the treatment of cancer and chronic degenerative diseases.
The firm's investigation was triggered 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%.
Shareholders who purchased Geron Corporation stock between July 29, 2010 and December 6, 2010 may have a claim against the Company and are encouraged to 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