Frequency Therapeutics, Inc. Securities Class Litigation
Securities class action litigation has been filed on behalf of investors in the common stock of Frequency Therapeutics, Inc. (“Frequency” or the “Company”) (NASDAQ: FREQ). If you purchased or otherwise acquired Frequency common stock between November 16, 2020 and March 22, 2021, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than August 2, 2021.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Frequency investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should use the form on this page or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Frequency Securities Class Litigation
Frequency, headquartered in Woburn, Massachusetts, is pharmaceutical company focused on developing and commercializing a treatment for severe sensorineural hearing loss (“SNHL”) named “FX-322.” Frequency has conducted multiple clinical trials assessing the safety and efficacy of FX-322, the most significant of which was a Phase 2a trial, which began in October 2019.
The actions allege that shortly after launching the Phase 2a trial, Frequency and its Chief Executive Officer, David L. Lucchino, learned that the Phase 2a trial results revealed no discernible difference between FX-22 and the placebo. As the Company continued to release positive statements regarding FX-322’s prospects, Lucchino sold a significant amount of his shares of Frequency Therapeutics stock for over $10.5 million in total proceeds.
On March 23, 2021, Frequency announced disappointing interim Phase 2a results for FX-322, revealing that subjects with mild to moderate SNHL did not demonstrate improvements in hearing measures versus the placebo. On this news, the price of Frequency common stock fell $28.30 per share, or 78%, from a closing price of $36.29 on March 22, 2021 to $7.99 per share on March 23, 2021, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States and has assisted clients in recovering over $124 billion in verdicts and settlements. Benchmark Litigation named Lieff Cabraser its “2020 California Plaintiff Firm of the Year,” and in early 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Lieff Cabraser is committed to access to justice for all.