NEW YORK, NY / ACCESSWIRE / January 28, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Allakos, Inc. ("Allakos" or the "Company") (NASDAQ:ALLK). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Allakos and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 16, 2023, Allakos issued a press release "announc[ing] a restructuring to reduce costs and to focus on AK006 clinical development and additional preclinical programs." The Company stated that it "will halt lirentelimab-related activities across clinical, manufacturing, research and administrative functions" and, "[a]s a result, the Company will reduce its workforce by approximately 50%."
On this news, Allakos's stock price fell $1.80 per share, or 60.2%, to close at $1.19 per share on January 16, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP