Philadelphia, Pennsylvania--(Newsfile Corp. - June 15, 2021) - Berger Montague announces its investigation into potential securities fraud claims against Frequency Therapeutics, Inc. ("Frequency" or the "Company"). The Firm is investigating these allegations on behalf of investors who purchased Frequency securities (NASDAQ: FREQ) between November 16, 2020 and March 22, 2021 (the "Class Period").
If you purchased Frequency securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at firstname.lastname@example.org or (215) 875-3015, or Donnell Much at email@example.com or (215) 875-4667, or contact us at www.bergermontague.com/frequency.
Whistleblowers: Anyone with non-public information regarding Frequency is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Frequency is a Massachusetts-based pharmaceutical company focused on the development of treatments for hearing loss, including its drug "FX-322." The Company has conducted several clinical studies evaluating the safety and effectiveness of FX-322, the most significant of which was a Phase 2a study that began in October 2019. According to a recently filed lawsuit, Defendants misrepresented and/or failed to disclose that: (1) Frequency's development and commercialization of FX-322 was not producing the results desired by Frequency; and (2) FX-322's ongoing clinical study was not as positive as Frequency portrayed it.
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 $28.30, or 78%, to close at $7.99 per share, thereby damaging investors.
In addition, beginning in April 2020, Frequency's CEO, David L. Lucchino, began selling his shares of Frequency, liquidating more than 350,000 shares for proceeds of over $10.5 million.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate
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