Investors recently settled a class action lawsuit against Geron, its CEO and CFO for $6.25 million dollars. The settlement agreement filed with the SEC can be found here. The Complaint alleged Geron misrepresented the FDA status of their cancer treatment drug Imetelstat. Geron, now in partnership with Janssen, touted the drug as potential treatment of hematologic myeloid malignancies, cancer tumors that affect the bone marrow or blood. Plaintiffs allege Geron misrepresented or failed to disclose that Phase II testing showed persistent low-grade liver function test abnormalities and the potential risk for chronic liver injury following long term exposure.
The FDA halted the clinical trial on March 11, 2014 over the concerns of liver toxicity with Imetelstat use. As a result, Geron stock dropped 62%, causing great losses for investors. If you purchased stock in Geron between December 10, 2012 through March 11, 2014, please contact our office as you may be entitled to some recovery against Geron. The attorneys at The Frankowski Firm are dedicated to representing victims of securities fraud throughout the United States. To speak with one of our lawyers, please call us today at 888.741.7503 or fill out this contact form.