FREQUENCY THERAPEUTICS, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of investors that purchased Frequency Therapeutics, Inc.
LEAD PLAINTIFF DEADLINE IS AUGUST 2, 2021
NEW YORK, June 21, 2021 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of investors that purchased Frequency Therapeutics, Inc. (NASDAQ: FREQ) securities between November 16, 2020 and March 22, 2021, both dates inclusive (the "Class Period").
All investors who purchased shares of Frequency Therapeutics, Inc. and incurred losses are urged to contact the firm immediately at [email protected] 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.
If you have incurred losses in your investment in shares of Frequency Therapeutics, Inc. you may, no later than August 2, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Frequency Therapeutics, Inc.
According to the filed complaint, Frequency Therapeutics began its Phase 2a trial for FX-322 in October 2019. The trial results failed to live up to the Company's expectations, as they revealed no discernable difference between FX-322 and the placebo. However, the Company continued to conduct the trial and released positive statements in earnings calls, press releases, SEC filings, and pharmaceutical presentations about FX-322's potential.
During this period, CEO David Lucchino sold over 350,000 shares valued near $9 million in the months prior to releasing the results of the Phase 2a trial. On March 23, 2021, Frequency Therapeutics disclosed disappointing Phase 2a results, revealing that subjects with mild to moderate SNHL did not demonstrate improvements in hearing measures versus placebo.
On this news, Frequency Therapeutics' shares fell 78% from $36.29 to $7.99, a market capitalization loss of near $1 billion.
Wolf Haldenstein has extensive 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 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, via e-mail at [email protected], or visit our website.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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