Legal Proceedings Unfold
The Law Offices of Howard G. Smith recently revealed the initiation of a class action lawsuit on behalf of investors involved with Allarity Therapeutics, Inc. (“Allarity”). The lawsuit encompasses the period between May 17, 2022, and July 19, 2024, termed the “Class Period.” Investors who held Allarity securities during this timeframe have until November 12, 2024, to make a lead plaintiff motion.
Stock Price Fluctuations
February 6, 2023, marked a turning point when Allarity disclosed its SEC investigation, leading to a 3.8% stock price drop to $0.228 per share. Subsequently, on December 11, 2023, news of the CEO’s termination caused a significant 13.4% plunge to $0.486 per share. Further exacerbating the situation, on July 22, 2024, the company received a Wells Notice from the SEC, resulting in a 2.4% decline to $0.164 per share.
Allegations and Misconduct
The core of the complaint in the class action asserts that, during the Class Period, Defendants failed to provide accurate information to investors about Allarity’s business operations. Allegations include overstating regulatory prospects related to the Dovitinib NDA, engagement in improper conduct concerning Dovitinib, and downplaying risks associated with the investigation. These actions, it is claimed, exposed the company to regulatory scrutiny, financial harm, and a tarnished reputation.
Legal Support and Information
Investors who held Allarity securities and wish to navigate this legal terrain or seek more details about the claims are encouraged to reach out to Howard G. Smith, Esquire, at the Law Offices of Howard G. Smith. The firm’s contact information is 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, reachable by phone at (215) 638-4847 or via email at howardsmith@howardsmithlaw.com.
This announcement is a press release and could be deemed Attorney Advertising under certain jurisdictions’ laws and ethical regulations.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20240916028412/en/
