SOURCE: Brower Piven, A Professional Corporation

January 05, 2011 16:45 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in Geron Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 21, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - January 5, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Geron Corporation ("Geron" or the "Company") (NASDAQ: GERN) during the period between July 31, 2010 and December 6, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 21, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses Geron and Geron's Chief Financial Officer, David Greenwood ("Greenwood"), of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that, despite statements by that Geron was funded for the "near-term," $156 million of cash on hand at the end of July, 2010 and $146 million at the end of October, 2010 with a "running net burn number" of $48 million annualized in October, 2010, and $48 to $50 million annualized in July, 2010, on December 6, 2010, after the market closed, Defendants announced an $87 million secondary public offering at $5.00 per share ("Offering") when Geron shares were trading at $6.12 per share on December 6, 2010. According to the complaint, after the announcement of the Offering, the value of Geron stock declined significantly.

If you have suffered a net loss for all transactions in Geron Corporation common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact