NEW YORK, NY / ACCESSWIRE / May 10, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Allakos Inc. ("Allakos" or the "Company") (NASDAQ:ALLK). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Allakos and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On December 18, 2019, Seligman Investments published a report entitled "A Suspect Biotech with a Phase 2 Farce, Incredulous Trial Investigators, and Warning Signs of Potential Fraud." The article identified several specific concerns regarding the Company's Phase 2 trial for its product candidate AK002, which allegedly included "flagrant nepotism in key clinical roles," "poor controls," "a last minute, unexplained expansion," and "fatal discrepancies and internal contradictions."
Following the publication of the report, Allakos's stock price fell $13.25 per share, or 10%, to close at $119.28 on December 18, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP