NEW YORK, NY / ACCESSWIRE / November 7, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Genocea Biosciences, Inc. (“Genocea” or the “Company”) (NASDAQ: GNCA) and certain of its officers. The class action, filed in United States District Court, for the District of Massachusetts, and docketed under 17-cv-12168, is on behalf of a class consisting of investors who purchased or otherwise acquired Genocea securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Genocea securities between May 5, 2017, and September 25, 2017, both dates inclusive, you have until January 2, 2018 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Genocea is a biopharmaceutical company that discovers and develops vaccines and immunotherapies. At all relevant times, Genocea’s genital herpes immunotherapy product GEN-003 was the Company’s lead product candidate.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s finances were insufficient to support Phase 3 trials of GEN-003; (ii) accordingly, Genocea had overstated the prospects for GEN-003; and (iii) as a result of the foregoing, Genocea’s public statements were materially false and misleading at all relevant times.
On September 25, 2017, post-market, Genocea disclosed that it was halting spending and activities on GEN-003 and exploring strategic alternatives for the drug. The Company also announced that it was cutting 40% of its workforce.
On this news, the Company’s share price fell $4.08, or 76.5%, to close at $1.25 on September 26, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP