ALLK CLASS ACTION DEADLINE: Bernstein Liebhard Announces that a Securities Class Action Lawsuit has been Filed Against Allako...

Date : 03/26/2020 @ 1:42PM
Source : PR Newswire (US)
Stock : Allakos Inc (ALLK)
Quote : 45.01  -0.38 (-0.84%) @ 1:00AM
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ALLK CLASS ACTION DEADLINE: Bernstein Liebhard Announces that a Securities Class Action Lawsuit has been Filed Against Allako...

Allakos (NASDAQ:ALLK)
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NEW YORK, March 26, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Allakos Inc. ("Allakos" or the "Company") (NASDAQ: ALLK) between August 5, 2019 and December 17, 2019 (the "Class Period").  The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities and Exchange Act of 1934.

Bernstein Liebhard LLP.  (PRNewsFoto/Bernstein Liebhard LLP) (PRNewsfoto/Bernstein Liebhard LLP)

If you purchased Allakos securities, and/or would like to discuss your legal rights and options please visit Allakos Shareholder Class Action  or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

The Complaint alleges that the Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) The Company's ENIGMA Trial for its flagship drug, AK002, was poorly designed; (2) Allakos cherrypicked timeframes and to engineer results for the ENIGMA trial; (3) Allakos used superficial endpoints in the ENIGMA Trial relative to FDA guidance; (4) Allakos misrepresented the number of adverse incidents that occurred during the ENIGMA Trial; (5) the ENIGMA Trial was not well-controlled; (6) Allakos failed to report key data from the ENIGMA Trial; and (7) as a result, defendants' statements about Allakos' business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On December 18, 2019, Seligman Research ("Seligman") published a report characterizing Allakos as "A Suspect Biotech with a Phase 2 Farce, Incredulous Trial Investigators, and Warning Signs of Potential Fraud."  In addition to many other issues, the Seligman report alleged the Company of having "buried the results for the two AK001 studies it conducted, but our research indicates a debacle."

On this news, Allakos's stock price fell $13.25 per share, or 10%, to close at $119.28 on December 18, 2019.

If you purchased Allakos securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/allakosinc-allk-shareholder-class-action-lawsuit-stock-fraud-233/apply/ contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

If you wish to serve as lead plaintiff, you must move the Court no later than May 11, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin.  Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com

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SOURCE Bernstein Liebhard LLP

Copyright 2020 PR Newswire

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