Full Press Release Details
NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of persons and entities that purchased or otherwise acquired Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR) securities between May 17, 2022 and July 19, 2024, inclusive (the “Class Period”).
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All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business,
operations, and prospects.
Specifically, Defendants failed to disclose to investors that:
Defendants had overstated the Dovitinib New Drug Application’s (“NDA”) continued regulatory prospects;
Allarity and three of its former officers had engaged in illegal, illicit, and/or otherwise improper conduct in connection with the Dovitinib NDA and/or the Dovitinib-Drug Related Problems (“DRP”) Pre-Market Approval (“PMA”);
the foregoing misconduct subjected the Company to an increased risk of regulatory and/or
governmental scrutiny and enforcement action, as well as significant legal, monetary, and reputational harm;
following Allarity’s announcement that it was, in fact, being investigated for wrongdoing in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA, the Company downplayed the substantial likelihood that an enforcement action would result from such investigation; and
as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
On February 6, 2023, Allarity disclosed that it had received a letter to produce documents from the United States Securities and Commission (“SEC”). The letter stated that the staff of the SEC was conducting an investigation to determine if violations of the federal securities laws, relating to disclosures regarding submissions, communications and meetings with the FDA concerning the NDA for Dovitinib or Dovitinib-DRP.
On this news, Allarity’s stock price fell 3.8% to close at $0.228 per share on February 6, 2023.
On December 11, 2023, Allarity disclosed that its CEO had been terminated from his role “and all other positions with the Company and its subsidiaries.” On this news, Allarity’s stock price fell 13.4% to close at $0.486 per share on December 11, 2023.
Subsequently, on July 22, 2024, Allarity disclosed that it had received a Wells Notice from the SEC “relating to the Company’s previously disclosed SEC investigation,” advising that “[t]he Wells Notice relates to the Company’s disclosures regarding meetings with the [FDA] regarding the Company’s NDA for Dovitinib or Dovitinib-DRP, which was submitted to the FDA in 2021”; and per the Company’s understanding, “all conduct relating to the SEC Wells Notice occurred during or prior to fiscal year 2022”; and “that three of its former officers received Wells Notices from the SEC relating to the same conduct.”
On this news, Allarity’s stock price fell $0.004, or 2.4%, to close at $0.164 per share on July 22, 2024.
If you have incurred losses, you may, no later than November 12, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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