Allarity Therapeutics(US:ALLR) GlobeNewswire News Roomยท2024-10-16 14:52Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Allarity Therapeutics, Inc. due to allegations of violations of federal securities laws, with a deadline for investors to seek lead plaintiff status in a class action by November 12, 2024 [2][3]. Company Overview - Allarity Therapeutics, Inc. is facing scrutiny for allegedly making false and misleading statements regarding its business operations and compliance policies, particularly related to the Dovitinib NDA [3]. - The company has experienced significant leadership changes, including the appointment of interim executives and the termination of its CEO and CFO [4][5][7]. Financial Impact - Following the announcement of leadership changes, Allarity's stock price fell by 19.02% to $1.32 per share on June 30, 2022 [5]. - The stock price further declined by 3.688% to $1.175 per share on August 2, 2022, after the company announced a strategic refocus away from Dovitinib as a monotherapy [6]. - On February 6, 2023, the stock price dropped by 3.8% to $0.228 per share after the company disclosed an SEC investigation [7]. - The stock price fell by 13.37% to $0.486 per share on December 11, 2023, following the termination of the CEO [8]. - On July 22, 2024, the stock price decreased by 2.38% to $0.164 per share after the company received a Wells Notice from the SEC [8]. Legal Proceedings - The class action lawsuit alleges that Allarity and its executives engaged in misconduct that led to increased regulatory scrutiny and potential enforcement actions [3]. - The firm encourages investors who suffered losses exceeding $50,000 between May 17, 2022, and July 19, 2024, to discuss their legal options [1][2].