Globenewswire·2025-12-06 01:00Core Viewpoint - Anika Therapeutics, Inc. is under investigation for potential violations of federal securities laws and unlawful business practices following the release of disappointing clinical trial results for its product Hyalofast [1][3]. Group 1: Investigation Details - The law firm Kirby McInerney LLP is leading the investigation into Anika Therapeutics [1]. - The investigation focuses on whether Anika and/or its senior management engaged in unlawful practices related to the company's securities [1]. Group 2: Clinical Trial Results - On July 30, 2025, Anika announced topline results from a clinical trial of Hyalofast, which is a resorbable hyaluronic acid scaffold for cartilage repair [3]. - The trial showed consistent improvements in treated patients compared to microfracture, but did not meet its pre-specified co-primary endpoints [3]. - Factors affecting the trial results included a higher dropout rate in the microfracture arm and missed visits during COVID, leading to missing data and a reduced evaluable sample size [3]. - Following the announcement, Anika's share price fell by $3.06, or approximately 27.42%, closing at $8.10 per share [3].