Genocea Biosciences, Inc. (Nasdaq: GNCA)
A class action has been commenced on behalf of purchasers of Genocea Biosciences, Inc. (Nasdaq: GNCA) stock during the period between May 5, 2017 and September 25, 2017 (the “Class Period”).
The complaint charges Genocea and certain of its officers with violations of the Securities Exchange Act of 1934. Genocea is a biopharmaceutical company that discovers and develops vaccines and immunotherapies to address diseases with significant unmet needs. During the Class Period, the Company's lead product candidate was GEN-003, a Phase 2 candidate therapeutic vaccine, or immunotherapy, that it was developing to treat genital herpes.
The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and prospects, including that the Company's finances were insufficient to support Phase 3 trials of GEN-003 and, accordingly, Genocea had overstated the prospects for GEN-003 approval. As a result of defendants’ false statements and/or omissions during the Class Period, Genocea securities traded at artificially inflated prices, with its stock reaching a high of close to $6 per share.
On September 25, 2017, after the market closed, Genocea disclosed that it was “exploring strategic alternatives for GEN-003, its Phase 3-ready investigational immunotherapy for the treatment of genital herpes” and, consequently, it was “ceasing GEN-003 spending and activities and . . . reducing its workforce by approximately 40 percent.” On this news, the Company's share price fell $4.08 per share, or 76.5%, to close at $1.25 per share on September 26, 2017.
If you are a current shareholder and purchased stock between May 5, 2017 and September 25, 2017 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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