## Allarity Therapeutics (ALLR) Under SEC Investigation: Investors with Losses Over $50,000 Encouraged to Contact Faruqi & Faruqi
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Allarity Therapeutics, Inc. (“Allarity” or the “Company”) ALLR. The firm is reminding investors of the November 12, 2024 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
The lawsuit alleges that Allarity and its executives violated federal securities laws by making false and misleading statements about the Company’s business, operations, and compliance policies. Specifically, the complaint alleges that:
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Misleading Statements About Dovitinib NDA:
The Company overstated the regulatory prospects of its Dovitinib NDA.*
Illegal Conduct:
Allarity and three of its former officers engaged in illegal, illicit, and/or improper conduct related to the Dovitinib NDA and/or the Dovitinib-DRP PMA.*
Misleading Disclosure of Regulatory Scrutiny:
Allarity downplayed the risk of regulatory and governmental scrutiny and enforcement action, even after announcing it was under investigation for wrongdoing.*
Misleading Statements About Stock Price Drops:
The Company’s public statements were materially false and misleading during the Class Period, leading to significant stock price declines.Several events triggered these allegations. In June 2022, Allarity announced the resignation or termination of its CEO and CFO, followed by a change in its oncology pipeline strategy due to feedback from the FDA. The company then disclosed an SEC investigation in February 2023. Further, Allarity announced the termination of its CEO in December 2023 and received a Wells Notice from the SEC in July 2024.
Investors who suffered losses exceeding $50,000 in Allarity between May 17, 2022 and July 19, 2024 are encouraged to contact Faruqi & Faruqi to discuss their legal options. They can reach out to partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) or visit www.faruqilaw.com/ALLR for more information.
Faruqi & Faruqi is committed to protecting the rights of investors and has a strong track record of recovering millions of dollars for clients in securities litigation cases. They also welcome information from whistleblowers, former employees, shareholders, and others who may have knowledge of Allarity’s conduct.
This press release is for informational purposes only and does not constitute an offer to represent any investor. Please contact Faruqi & Faruqi directly to discuss your specific legal situation.
