A securities class action has been filed in the USDC — S.D.N.Y. against Allarity, Inc. (ALLR) (“Allarity” or the “Company”), on behalf of all persons or entities who purchased or otherwise acquired Allarity securities between May 17, 2022 and July 19, 2024, both dates inclusive (the “Class Period”).
Allarity is a clinical-stage biopharmaceutical company that develops oncology therapeutics using drug-specific companion diagnostics generated by its Drug Response Predictor technology. Allarity’s drug candidates include, inter alia, Dovitinib, a pan-tyrosine kinase inhibitor for the treatment of renal cell carcinoma (“RCC”). The Company’s companion diagnostic technology for Dovitinib is referred to as “DRP®-Dovitinib” or “Dovitinib-DRP.”
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Defendants had overstated the Dovitinib NDA’s continued regulatory prospects;
(2) Allarity and three of its former officers had engaged in illegal, illicit, and/or otherwise improper conduct in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA;
(3) the foregoing misconduct subjected the Company to an increased risk of regulatory and/or governmental scrutiny and enforcement action, as well as significant legal, monetary, and reputational harm;
(4) following Allarity’s announcement that it was, in fact, being investigated for wrongdoing in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA, the Company downplayed the substantial likelihood that an enforcement action would result from such investigation; and
(5) as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
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