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Lawsuit filed for Investors in shares of Allakos Inc. (NASDAQ: ALLK)

03-27-2020 09:16 PM CET | Politics, Law & Society

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Allakos Inc. (NASDAQ: ALLK) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Allakos Inc. (NASDAQ: ALLK) shares over alleged securities laws violations.

An investor, who purchased shares of Allakos Inc. (NASDAQ: ALLK), filed a lawsuit over alleged Securities Laws violations by Allakos Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Allakos Inc. (NASDAQ: ALLK) have certain options and for certain investors are short and strict deadlines running. Deadline: May 11, 2020. NASDAQ: ALLK investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On December 18, 2019, a report was published describing Allakos Inc. as "A Suspect Biotech with a Phase 2 Farce, Incredulous Trial Investigators, and Warning Signs of Potential Fraud." The report included 22 warning signs and issues, including Allakos Inc.: having "buried the results for the two AK001 studies it conducted, but our research indicates a debacle[;]" having "a checkered history of conducting small, low-credibility trials, marked by . . . discrepancies, omissions, cherry-picking, and other red flags[;]" and engaging in "[f]lagrant nepotism in key clinical roles[.]"

The plaintiff claims that between August 5, 2019 and December 17, 2019, the defendants made false and/or misleading statements and/or failed to disclose that: The Company's ENIGMA Trial for its flagship drug, AK002, was poorly designed, that Allakos cherrypicked timeframes and to engineer results for the ENIGMA trial, that Allakos used superficial endpoints in the ENIGMA Trial relative to FDA guidance, that Allakos misrepresented the number of adverse incidents that occurred during the ENIGMA Trial, that the ENIGMA Trial was not well-controlled, that Allakos failed to report key data from the ENIGMA Trial, and that 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.

Those who purchased shares of Allakos Inc. (NASDAQ: ALLK) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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