Frequency Therapeutics, Inc.
|Company Name||Frequency Therapeutics, Inc.|
|Class Period||November 16, 2020 to March 22, 2021|
|Lead Plaintiff Motion Deadline||August 02, 2021|
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.
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