Notice of Lead Plaintiff Deadline for Shareholders in the Frequency Therapeutics, Inc. Class Action Lawsuit
SAN DIEGO--(BUSINESS WIRE)--#FREQstock--Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the District of Massachusetts on behalf of purchasers of Frequency Therapeutics, Inc. (NASDAQ: FREQ) common stock between November 16, 2020 and March 22, 2021, inclusive (the “Class Period”). The case is captioned Evans v. Frequency Therapeutics, Inc., No. 21-cv-10933, and is assigned to Judge William G. Young. The Frequency Therapeutics class action lawsuit charges Frequency Therapeutics and Chief Executive Officer and President David L. Lucchino with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Frequency Therapeutics common stock during the Class Period to seek appointment as lead plaintiff in the Frequency Therapeutics class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Frequency Therapeutics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Frequency Therapeutics class action lawsuit. An investor’s ability to share in any potential future recovery of the Frequency Therapeutics class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Frequency Therapeutics class action lawsuit or have questions concerning your rights regarding the Frequency Therapeutics class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Frequency Therapeutics class action lawsuit must be filed with the court no later than August 2, 2021.
Frequency Therapeutics is a pharmaceutical company developing a hearing loss treatment titled “FX-322,” which Frequency Therapeutics has promoted as a potential treatment for patients with severe sensorineural hearing loss (“SNHL”). Frequency Therapeutics has conducted multiple clinical trials assessing the safety and efficacy of FX-322, the most significant of which was a Phase 2a trial, which began in October 2019.
The Frequency Therapeutics class action lawsuit alleges that, shortly after launching the Phase 2a trial, Frequency Therapeutics and CEO David L. Lucchino, learned that the Phase 2a trial results revealed no discernable difference between FX-322 and the placebo. The Frequency Therapeutics class action lawsuit further alleges that, while Frequency Therapeutics’ stock price remained artificially inflated, defendant Lucchino sold over 350,000 Frequency Therapeutics shares, receiving over $10.5 million in proceeds.
Then, on March 23, 2021, Frequency Therapeutics disclosed deeply disappointing interim 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’ stock price fell by nearly 78%, damaging investors.
With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litigation. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, 800-449-4900