Deadline Approaches for Allarity Therapeutics Class Action Investors

Deadline Alert: Investors in Allarity Therapeutics, Inc. (NASDAQ: ALLR) should be aware of the November 12, 2024 deadline to file a motion to become a lead plaintiff in the ongoing class action lawsuit. This action covers those who purchased shares during the period from May 17, 2022, to July 19, 2024.

If you believe you have suffered financial losses, you are encouraged to participate.

Background on Allegations: On February 6, 2023, Allarity announced an investigation by the SEC regarding their NDA for Dovitinib, stating they received a letter requiring document production. This news caused Allarity’s stock to drop 3.8%, closing at $0.228 per share that day.

Later, on December 11, 2023, the company shared that its CEO was terminated from all roles. This led to a significant drop of 13.4%, ending at $0.486 per share.

Following this, on July 22, 2024, Allarity revealed receipt of a Wells Notice from the SEC regarding the ongoing investigation. After this announcement, the stock fell another 2.4%, closing at $0.164 per share.

Claims Against the Company: The class action complaint asserts that during the Class Period, Allarity misled investors by making false statements and failing to disclose critical business information. Specifically, it is claimed that the company overstated the prospects of the Dovitinib NDA and engaged in improper conduct, which led to increased scrutiny and legal risks.

The complaint also alleges that Allarity downplayed the chances of enforcement actions stemming from the investigation, thus misrepresenting the company’s actual condition to investors.

How to Get Involved: Investors who purchased Allarity securities during the Class Period can request to become a lead plaintiff by the November 12, 2024 deadline. No immediate action is needed; interested parties may also choose to remain absent from the lawsuit or seek legal representation. For further information about the class action, or if you have questions about your rights regarding this lawsuit, reach out to Frank R. Cruz at The Law Offices of Frank R. Cruz, located at 2121 Avenue of the Stars, Suite 800, Century City, California 90067, by calling 310-914-5007, or via email at info@frankcruzlaw.com. Please include your mailing address, phone number, and share details in any email inquiries.

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