Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Allakos Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Allakos Inc. (“Allakos” or the “Company”) (NASDAQ:ALLK) of the May 11, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Allakos stock or options between August 5, 2019 and December 17, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Allakos securities between August 5, 2019 and December 17, 2019 (the “Class Period”). The case, Kim v. Allakos Inc. et al., No. 4:20-cv-01720 was filed on March 10, 2020, and has been assigned to Judge Jeffrey S. White
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the ENIGMA Trial was poorly designed; (2) Allakos cherrypicked timeframes and to engineer results; (3) Allakos used superficial endpoints in the ENIGMA Trial relative to FDA guidance; (4) Allakos misrepresented the number of adverse incidents that occurred during the ENIGMA Trial; (5) the ENIGMA Trial was not well-controlled; (6) Allakos failed to report key data from the ENIGMA Trial; and (7) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On December 18, 2019, Seligman Investments published a report entitled “A Suspect Biotech with a Phase 2 Farce, Incredulous Trial Investigators, and Warning Signs of Potential Fraud,” which detailed several concerns regarding the Company's AK002 Phase 2 trial.
On this news, the Company's stock price fell from $132.53 per share on December 17, 2019 to $119.28 per share on December 18, 2019: a $13.25 or 10.00% drop.
Allakos Inc. (ALLK)
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Filed on 03/11/2020
Lead Plaintiff Deadline 05/11/2020
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Richard W. Gonnello email@example.com Phone (212) 983-9330 Fax (212) 983-9331