SAN DIEGO & CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP announces that shareholders amended their class action complaint filed against Genocea Biosciences, Inc. (NasdaqGM: GNCA). The complaint is brought on behalf of all purchasers of Genocea securities between May 5, 2017 and September 25, 2017, for alleged violations of the Securities Exchange Act of 1934 by Genocea's officers and directors. Genocea, a biopharmaceutical company, develops T cell-directed vaccines and immunotherapies to treat infectious diseases and cancer. Genocea's genital herpes immunotherapy product, GEN-003, is the company's lead product candidate.
View this information on the law firm's Shareholder Rights Blog:
Genocea Accused of Overstating the Prospects for its Lead Drug Candidate
According to the complaint, on July 24, 2017, Genocea gave a presentation to investors regarding the positive clinical results for the 12-month analysis of the company's Phase 2b trial of GEN-003. Genocea subsequently stated in its public filings that the company had a successful end-of-Phase 2 meeting with the U.S. Food and Drug Administration. However, Genocea did not disclose that the company's finances were insufficient to support Phase 3 trials of GEN-003 and that Genocea had overstated the prospects for GEN-003. On September 25, 2017, Genocea disclosed that it was halting spending and activities on GEN-003, exploring strategic alternatives for the drug, and that it was cutting 40% of its workforce. On this news, Genocea's stock fell $4.08 per share, or 76.5%, to close at $1.25 per share on September 26, 2017.
Genocea Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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Source: Robbins Arroyo LLP