SAN DIEGO & WOBURN, Mass., Jun 15, 2021--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP reminds investors that a class action has been filed on behalf of all purchasers of Frequency Therapeutics, Inc. (NASDAQ: FREQ) securities between November 16, 2020 and March 22, 2021, against the Company for remedies under the Securities Exchange Act of 1934. Frequency Therapeutics is a pharmaceutical company that develops and commercializes a hearing loss treatment called "FX-322" for patients with severe sensorineural hearing loss ("SNHL").
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Frequency Therapeutics, Inc. (FREQ) Made Misstatements Regarding the Potential of its Hearing Loss Treatment FX-322
According to the 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. At the same time, CEO David Lucchino sold over 350,000 shares and earned over $10.5 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, losing approximately $955 in market capitalization.
If you purchased shares of Frequency Therapeutics, Inc. (FREQ) between November 16, 2020 and March 22, 2021, you have until July 27, 2021, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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