Important Update for Allarity Investors Regarding Lawsuit
Crucial Information for Allarity Investors
Attention, investors! Glancy Prongay & Murray LLP reminds all participants involved with Allarity Therapeutics, Inc. about an upcoming lead plaintiff motion deadline. If you purchased Allarity's stock between specific periods, you could take action now.
Understanding the Deadline
The deadline to file a lead plaintiff motion is approaching—mark your calendars for November 12, 2024! Investors who acquired shares of Allarity during the class period from May 17, 2022, to July 19, 2024, may be impacted if they suffered losses.
Seeking Financial Recovery
If you experienced a financial loss as a result of your investment in Allarity, options are available for you. You can reach out to GPM for inquiries and support in recovery actions under federal securities laws.
Key Developments Affecting Allarity
On February 6, 2023, Allarity faced a significant event when they reported receiving a request for documents from the SEC. This development hinted at potential violations of federal securities laws related to their submissions and communications with the FDA regarding their New Drug Application (NDA) for Dovitinib.
Impact on Stock Prices
Following this news, Allarity’s stock price dropped to $0.228 per share, a 3.8% reduction, indicating investor concern regarding the circumstances surrounding the investigation. The situation only got worse for the company after the December announcement of their CEO's termination, leading to a further stock drop of 13.4% to $0.486 per share.
Further Concerns with SEC Notifications
Another significant event occurred on July 22, 2024, when Allarity disclosed a Wells Notice from the SEC. This notice indicated that former executives faced scrutiny related to the NDA for Dovitinib. The company's share prices reacted negatively again, falling 2.4% to $0.164 per share, marking a continuous trend of financial setbacks amidst this unfolding situation.
The Allegations in the Class Action
The class action lawsuit addresses numerous serious allegations against Allarity's leadership. It claims that throughout the Class Period, misleading statements were made regarding the company's future regulatory prospects and failed to disclose important adverse information. Investors should be aware that these factors significantly impact their investment decisions.
How to Take Action
For investors looking to navigate through this challenging scenario, it's vital to act before the upcoming deadline. Those interested in joining the class action should contact GPM directly, where they can receive guidance on how to proceed with claims and understand their rights in this ongoing matter.
Frequently Asked Questions
What is the class action lawsuit about?
The class action lawsuit centers on allegations that Allarity misled investors regarding its business operations and the regulatory status of its vital drug application.
When is the deadline to file a lead plaintiff motion?
The deadline to file a lead plaintiff motion in this case is November 12, 2024.
How can I contact Glancy Prongay & Murray LLP?
You can reach them via phone at 310-201-9150 or Toll-Free at 888-773-9224 for any inquiries regarding your investment rights.
What might be the outcome of the lawsuit?
The outcome could lead to potential financial recovery for investors who suffered losses due to the company's actions during the class period.
Is there a risk for investors in Allarity?
Yes, ongoing investigations and the current class action could indicate a higher risk for investors regarding the stability of their investments in Allarity.
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