RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Genocea Biosciences, Inc. (NASDAQ: GNCA) (“Genocea” or the “Company”) securities between May 5, 2017 and September 25, 2017, inclusive (the “Class Period”).
Genocea shareholders may, no later than January 2, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Genocea and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
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.
If you are a member of the class, you may, no later than January 2, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.