Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Frequency, Athira, Full Truck, and Coinbase and Encourages Investors to Contact the Firm

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NEW YORK, July 28, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Frequency Therapeutics, Inc. (NASDAQ: FREQ), Athira Pharma, Inc. (NASDAQ: ATHA), Full Truck Alliance Co. Ltd. (NYSE: YMM), and Coinbase Global Inc. (NASDAQ: COIN). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Frequency Therapeutics, Inc. (NASDAQ: FREQ)

Class Period: November 16, 2020 and March 22, 2021

Lead Plaintiff Deadline: August 2, 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, thereby damaging investors.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Frequency's development and commercialization of a hearing loss treatment titled “FX-322” was not producing the results desired by Frequency; (2) FX-322’s ongoing clinical study was not as positive as Frequency portrayed it; and (3) as a result of the foregoing, defendants' positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Frequency class action go to: https://bespc.com/cases/FREQ

Athira Pharma, Inc. (NASDAQ: ATHA)

Class Period: September 2021 IPO

Lead Plaintiff Deadline: August 24, 2021

On June 17, 2021, after the market closed, Athira announced that it had placed its president and Chief Executive Officer, Dr. Leen Kawas (“Kawas”), on leave pending a review of actions stemming from doctoral research she conducted while at Washington State University (“WSU”).

The same day, STAT published an article stating that WSU was investigating claims that Dr. Kawas “published several papers containing altered images while she was a graduate student.” These papers “are foundational to Athira’s efforts to treat Alzheimer’s” because they “established that a particular molecule affects the activity of HGF.” Though Athira is developing a different molecule than the one Kawas examined in the papers at issue, her “doctoral work laid the biological groundwork that Athira continues to use in their approach to treating Alzheimer’s.”

On this news, the Company’s share price fell $7.09, or approximately 39%, to close at $11.15 per share on June 18, 2021.

According to the Complaint, the Company made false and misleading statements to the market. Research performed by Athira CEO and President Leen Kawas was tainted by scientific misconduct. Kawas allegedly engaged in the manipulation of key data in the research through the manipulation of Western blot images. The tainted research was of critical importance to the Company’s efforts to develop treatments for Alzheimer’s. The Company’s research and development efforts were based on invalid data. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Athira, investors suffered damages.

For more information on the Athira class action go to: https://bespc.com/cases/ATHA

Full Truck Alliance Co. Ltd. (NYSE: YMM)

Class Period: June 2021 IPO

Lead Plaintiff Deadline: September 10, 2021

On or about June 22, 2021, FTA sold about 82.5 million American Depositary Shares (“ADSs”) in its IPO for $19 per ADS, raising nearly $1.6 billion in new capital.

On July 5, 2021, FTA reported that the Company was subject to a review by the Cyberspace Administration of China (“CAC”) and that “FTA’s Yunmanman apps and Huochebang apps . . . are required to suspend new user registration in China during the review period.”

On this news, the Company’s ADS price declined by $1.27 per ADS, or approximately 6.7%, from $19.02 per ADS on July 2, 2021 to close at $17.75 per ADS on July 6, 2021, which is approximately 6.6% below the IPO price, thereby injuring investors.

The complaint alleges that the Registration Statement was materially false and/or misleading and/or failed to disclose that: (i) FTA’s apps Yunmanman and Huochebang would face an imminent cybersecurity review by the CAC; (ii) the CAC would require FTA to suspend new user registration; (iii) FTA needed to conduct a “comprehensive self-examination of any cybersecurity risks”; (iv) FTA needed to “continue to improve its cybersecurity systems and technology capabilities”; and (v) as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.

For more information on the Full Truck class action go to: https://bespc.com/cases/YMM

Coinbase Global Inc. (Nasdaq: COIN)

Class Period: April 14, 2021 IPO

Lead Plaintiff Deadline: September 20, 2021

On May 17, 2021, Coinbase undermined its representations in the Offering Materials that the Company's existing cash and cash equivalents were sufficient by announcing plans to raise capital via a convertible bond sale. On May 19, 2021, Coinbase revealed technical problems experienced by users on its platform, including “delays…due to network congestion” effecting “those who want to get their money out.”

On this news, the price of Coinbase shares fell $23.44 per share, nearly 10% over two consecutive trading sessions, to close at $224.80 per share on May 19, 2021, thereby injuring investors.

The complaint alleges that the registration statement and prospectus used to effectuate the Company’s Offering were false and misleading and omitted to state that, at the time of the Offering: (1) Coinbase required a sizeable cash injection; (2) Coinbase’s platform was susceptible to service-level disruptions, which were increasingly likely to occur as the Company scaled its services to a larger user base; and (3) as a result of the foregoing, the positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the Coinbase class action go to: https://bespc.com/cases/COIN

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com


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