HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Urges Allakos (ALLK) Investors with Significant Losses to Contact Its Attorneys; Firm Investigating Possible Securities Fraud
SAN FRANCISCO, Dec. 19, 2019 /PRNewswire/ -- Hagens Berman urges Allakos Inc. (NASDAQ: ALLK) investors who have suffered significant losses to submit their losses now or contact the firm immediately to learn if they qualify to recover compensable damages. The firm is investigating Allakos and investors may have valuable claims against the company and its senior management for violations of federal securities laws.
Relevant Holding Period: Before Dec. 19, 2019 |
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Sign Up: www.hbsslaw.com/investor-fraud/ALLK |
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Contact An Attorney Now: |
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844-916-0895 |
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Allakos (ALLK) Investigation:
The investigation centers on whether Allakos and senior management misled investors about the company's clinical studies and other matters.
On Dec. 18, 2019, Seligman Investments published a scathing report entitled "A Suspect Biotech with a Phase 2 Farce, Incredulous Trial Investigators, and Warning Signs of Potential Fraud" highlighting 22 warning signs for investors.
Seligman's 215-page report concludes, in part, (1) "Allakos has a checkered history of conducting small, low-credibility trials, marked by a striking level of what we consider to be discrepancies, omissions, cherry-picking, and other red flags."
Seligman also accuses the company of having "conducted the ENIGMA phase 2 EG/EGE trial itself and served as its 'own CRO,' with at least four different trial investigators expressing concerns around the company's conduct and the trial's integrity and compliance, describing it as 'aggressive,' 'stupid,' 'dishonest,' or as something that 'won't fly with the FDA,' and their own reactions as 'shocked' and 'very bothered.'"
In addition, Seligman takes issue with "the suspicious timing of a recent option grant, which raises concerns of 1) backdating and 'spring-loading'; 2) apparent violation of rules for papers at medical conferences; and 3) questionable behavior with regard to Reg FD."
This report drove the price of Allakos shares sharply lower during the two trading days ended Dec. 19, 2019.
"We're focused on investors' losses and whether Allakos misrepresented the conditions and results of its trials," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Allakos and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Allakos should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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