LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Frequency Therapeutics, Inc. (“Frequency” or “the Company”) (NASDAQ: FREQ) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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Frequency Therapeutics has conducted several clinical studies evaluating the safety and effectiveness of FX-322, the most significant which was a Phase 2a study that began in October 2019.
In April 2020, Frequency’s Chief Executive Officer (“CEO”), David L. Lucchino, began selling his shares of Frequency, totaling over 350,000 shares sold and earning over $10.5 million.
On March 23, 2021, before the market opened, Frequency disclosed in a press release disappointing interim results of the Phase 2a study, revealing that subjects with mild to moderate SNHL did not demonstrate improvements in hearing measures versus placebo.
On this news, Frequency’s shares fell $28.30, or 78%, to close at $7.99, thereby damaging investors.
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If you purchased Frequency securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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