Class Action Suit Filed for Allarity Therapeutics, Inc. (ALLR)
Understanding the Class Action Lawsuit Involving Allarity Therapeutics
Glancy Prongay & Murray LLP has taken significant steps to protect the rights of investors in Allarity Therapeutics, Inc. As a prominent national law firm renowned for handling shareholder rights, GPM has initiated a class action lawsuit on behalf of individuals who purchased Allarity securities. The relevant period for this lawsuit spans from May 17, 2022, to July 19, 2024, also known as the 'Class Period'.
Details of the Class Action Filing
The class action's primary focus is to address the grievances faced by investors who acquired shares of Allarity Therapeutics, Inc. (NASDAQ: ALLR) and suffered financial losses as a result. Allarity investors have until November 12, 2024, to file a lead plaintiff motion, providing a window for affected parties to seek legal redress.
Criteria for Filing
Investors who believe they experienced a financial setback during the Class Period may benefit from contacting GPM. It is advised to submit personal contact information to discuss potential claims under federal securities laws.
Allegations Raised in the Class Action
The lawsuit comes after Allarity disclosed in early 2023 that it was under investigation by the SEC regarding its disclosures related to the FDA and its NDA for Dovitinib. This revelation led to a notable decline in Allarity's stock price, which underscores the profound impact such news can have on investor confidence.
Subsequent Corporate Developments
In December 2023, Allarity continued to face challenges when it announced the termination of its CEO, which resulted in further stock price drops. A subsequent disclosure in July 2024 about receiving a Wells Notice from the SEC added to the company’s turmoil, leading to even more severe consequences for its stock valuation.
Claims of Misleading Information
The class action complaint asserts that during the Class Period, the company's executives failed to disclose critical information regarding the regulatory prospect of Dovitinib. Allegations include mismanagement and improper conduct related to the approval of this drug, which significantly misrepresented the company's position to investors. The claims suggest that this non-disclosure exposed the company to increased regulatory scrutiny and potential legal ramifications.
Impact on Investors
As a result of these allegations, many investors have seen their investment values plummet, prompting GPM to step in to advocate for their rights. By bringing attention to these issues, the firm aims to empower shareholders who feel wronged by the company’s lack of transparency during a critical period.
Seeking Justice for Shareholders
All affected investors are encouraged to consider moving the court by the set deadline to secure their positions as lead plaintiffs. Those who wish to learn more can reach out to Charles H. Linehan, an attorney at GPM, for further guidance on their legal rights regarding this matter.
Contact Information
Investors seeking more information can reach GPM directly at 310-201-9150 or Toll-Free at 888-773-9224. Email inquiries can be sent to shareholders@glancylaw.com. It's essential to include relevant details such as mailing address and number of shares purchased when contacting the firm.
Frequently Asked Questions
What is the purpose of the class action lawsuit against Allarity Therapeutics?
The class action lawsuit aims to seek justice for investors who suffered losses due to misleading statements and regulatory issues regarding Allarity's operations.
Who can participate in this class action lawsuit?
Any investor who purchased Allarity Therapeutics, Inc. (ALLR) securities during the Class Period is eligible to participate in the lawsuit.
What are the key dates to remember for this lawsuit?
Investors should note that the deadline to file a lead plaintiff motion is November 12, 2024.
How does one file a claim in this class action?
Investors can file a claim by contacting Glancy Prongay & Murray LLP with their information and expressing their interest in joining the lawsuit.
What should I do if I believe I have a claim?
If you believe you have suffered losses, it is advisable to reach out to legal counsel to explore your options under the federal securities laws.
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