BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Frequency Therapeutics, Inc. (“Frequency” or “the Company”) (NASDAQ: FREQ) common stock between November 16, 2020 and March 22, 2021, inclusive (the “Class Period”). Frequency investors have until August 2, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Frequency investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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 per share, thereby damaging investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that Frequency’s Phase 2a study did not yield positive results to support the commercialization of FX-322; and (2) that, as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Frequency common stock, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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