The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Genocea Biosciences, Inc. (NASDAQ: GNCA) who purchased shares between August 4, 2016 and September 25, 2017. The action, which was filed in the U.S. District Court for the District of Massachusetts, alleges that the Company violated federal securities laws.
In particular, the complaint alleges 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, 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.
Shareholders have until January 2, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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