Scott+Scott, Attorneys at Law, LLP Files Class Action Suit Against Genocea Biosciences, Inc. (GNCA)

NEW YORK, Nov. 1, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, today announced that it has filed a class action against Genocea Biosciences, Inc. ("Genocea" or the "Company") (NASDAQ: GNCA) and certain of its senior executives (collectively, "Defendants").

The action, which is filed in the U.S. District Court for the District of Massachusetts, asserts claims under Sections 10(b) and 20 of the Securities Exchange Act of 1934 (the "Exchange Act"), 15 U.S.C. §§78j(b) and 78t(a), and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. §240.10b-5, on behalf of investors who purchased or otherwise acquired Genocea securities between May 5, 2017 and September 25, 2017, inclusive (the "Class Period").

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 Exchange Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission ("SEC").  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, after the market closed, 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 wish to serve as lead plaintiff, you must move the Court no later than January 2, 2018.  Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Rhiana Swartz of Scott+Scott at (844) 818-6980, or via email at [email protected].

About Scott+Scott, Attorneys at Law, LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

CONTACT:

Rhiana Swartz
Scott+Scott, Attorneys at Law, LLP
(844) 818-6980
[email protected]

SOURCE Scott+Scott, Attorneys at Law, LLP

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