Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Allarity ...

NEW YORK, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR) securities between May 17, 2022 and July 19, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose material information regarding the Company’s business, operations, and compliance policies, including allegations that: (i) Defendants had overstated the Dovitinib new drug application’s (“NDA”) continued regulatory prospects; (ii) Allarity and three of its former officers had engaged in illegal, illicit, and/or otherwise improper conduct in connection with the Dovitinib NDA and/or the Dovitinib-DRP premarket approval application (“PMA”); (iii) the foregoing misconduct subjected the Company to an increased risk of regulatory and/or governmental scrutiny and enforcement action, as well as significant legal, monetary, and reputational harm; and (iv) following Allarity’s announcement that it was, in fact, being investigated for wrongdoing in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA, the Company downplayed the substantial likelihood that an enforcement action would result from such investigation.

Investors who purchased or otherwise acquired shares of Allarity should contact the Firm prior to the November 12, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.