PHILADELPHIA, Nov. 15, 2017 /PRNewswire/ -- Berger & Montague, P.C. announced today that Genocea Biosciences, Inc. ("Genocea" or the "Company") (NASDAQ: GNCA) and some of its senior executives (collectively, "Defendants") have been accused of federal securities law violations in a class action filed in the U.S. District Court for the District of Massachusetts. The lawsuit was filed on behalf of investors who purchased or otherwise acquired Genocea securities between May 5, 2017 and September 25, 2017 (the "Class Period").
The deadline for Genocea class members to file a lead plaintiff motion with the Court is January 2, 2018. Any member of the proposed class may move the Court on or before January 2, 2018, to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you wish to discuss this action, learn more about serving as a lead plaintiff or have any questions concerning this notice or your rights, please contact the investigating attorney, Michael Dell'Angelo of Berger Montague, P.C., at 800-424-6690 or 215-875-3080, via e-mail at firstname.lastname@example.org or at https://www.bergermontague.com/contact-us/submit-a-claim.
Genocea is a biopharmaceutical company that discovers and develops vaccines and immunotherapies. During the Class Period, the Company's lead product candidate was GEN-003, a genital herpes immunotherapy product.
According to the complaint, Defendants violated provisions of the Securities Exchange Act of 1934 by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission ("SEC").
Defendants allegedly 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) Genocea had overstated the prospects for GEN-003; and, as a result, (iii) Genocea's public statements were materially false and misleading at all relevant times.
On September 25, 2017, after the market closed, Genocea disclosed that it would halt spending and activities on GEN-003 and was exploring strategic alternatives for the drug. The Company also announced that it was cutting 40% of its workforce. Following this news, Genocea's share price fell $4.08, or 76.5%, to close at $1.25 on September 26, 2017.
Berger & Montague, P.C. is a nationally recognized full-service plaintiffs' class action law firm specializing in securities, antitrust and other complex litigation on behalf of institutions and other investors and individual plaintiffs. Attorney advertising. Prior results do not guarantee similar outcomes.
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