NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of investors that purchased Frequency Therapeutics, Inc. (NASDAQ:FREQ) securities between November 16, 2020 and March 22, 2021, both dates inclusive (the “Class Period”). Investors have until August 2, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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 FREQ securities during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.