Frequency Therapeutics, Inc.
Frequency Therapeutics, Inc. (“Frequency” or the “Company”) is a pharmaceutical company focused on the development and commercialization of a hearing loss treatment titled “FX-322,” which the Company has long promoted as a potential treatment for patients with severe sensorineural hearing loss (“SNHL”).
Before the market opened on March 23, 2021, 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 from $36.29 to $7.99, a 78% drop, damaging investors.
A securities class action has been filed against Frequency on behalf of shareholders that purchased Frequency shares between November 16, 2020 through March 22, 2021. This case has been filed in the U.S. District Court for the District of Massachusetts.
The Complaint alleges that Defendants failed to disclose to investors that: Frequency and CEO Lucchino misled investors about the Phase 2a study of FX-322.
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