SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the common stock of Frequency Therapeutics, Inc. (“Frequency” or the “Company”) (NASDAQ: FREQ) between November 16, 2020 and March 22, 2021, inclusive (the “Class Period”).
If you purchased or otherwise acquired Frequency common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than August 2, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Frequency investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Frequency Securities Class Litigation
Frequency, headquartered in Woburn, Massachusetts, is pharmaceutical company focused on developing and commercializing a treatment for severe sensorineural hearing loss (“SNHL”) named “FX-322.” Frequency has conducted multiple clinical trials assessing the safety and efficacy of FX-322, the most significant of which was a Phase 2a trial, which began in October 2019.
The actions allege that shortly after launching the Phase 2a trial, Frequency and its Chief Executive Officer, David L. Lucchino, learned that the Phase 2a trial results revealed no discernible difference between FX-322 and the placebo. As the Company continued to release positive statements regarding FX-322’s prospects, Lucchino sold a significant amount of his shares of Frequency Therapeutics stock for over $10.5 million in total proceeds.
On March 23, 2021, Frequency announced disappointing interim Phase 2a results for FX-322, revealing that subjects with mild to moderate SNHL did not demonstrate improvements in hearing measures versus the placebo. On this news, the price of Frequency common stock fell $28.30 per share, or 78%, from a closing price of $36.29 on March 22, 2021 to $7.99 per share on March 23, 2021, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility worldwide.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.
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