SAN FRANCISCO, April 19, 2021 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of Geron Corporation (NASDAQ: GERN) relating to possible false statements to investors and insider trading by an officer and a director.
A securities class action against the company in the U.S. District Court for the Northern District of California recently survived a motion to dismiss allegations that between March 19 and September 26, 2018, Geron and its CEO made false and misleading statements about the effectiveness of the drug imetelstat, which was then under study for the treatment of myelofibrosis, a rare blood cancer. Geron's stock price cratered when the company's development partner, Janssen Biotech, pulled out of the imetelstat partnership on September 27, 2018, wiping out hundreds of millions of dollars of shareholder value. During the same time period, two high-level Geron insiders sold more than $7.3 million of company stock while outside investors remained unaware of the truth about imetelstat's effectiveness.
The Schubert Firm is investigating potential breaches of fiduciary duty by the company's officers and directors in connection with these allegations.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.
Alexandra K. Green
Schubert Jonckheer & Kolbe LLP
View original content:http://www.prnewswire.com/news-releases/shareholder-alert-geron-corporation-gern-officers-and-directors-under-investigation-for-false-statements-and-insider-trading-301271261.html
SOURCE Schubert Jonckheer & Kolbe LLP