NEW YORK, NY / ACCESSWIRE / April 2, 2021 / Pomerantz LLP is investigating claims on behalf of investors of Frequency Therapeutics, Inc. ("Frequency" or the "Company") (NASDAQ:FREQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Frequency and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around October 2, 2019, Frequency conducted its initial public offering ("IPO"), selling 6,000,000 shares of common stock priced at $14.00 per share. On March 23, 2021, Frequency issued a press release announcing topline, day-90 data from its FX-322 Phase 2a study (FX-322-202). Frequency disclosed that "[t]he interim results show that four weekly injections in subjects with mild to moderately severe sensorineural hearing loss (SNHL) did not demonstrate improvements in hearing measures versus placebo."
On this news, Frequency's stock price fell $28.30 per share, or 77.98%, to close at $7.99 per share on March 23, 2021.
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