Allarity Therapeutics, Inc. (NASDAQ: ALLR)

This lawsuit is for anyone who acquired securities in Allarity Therapeutics, Inc. (NASDAQ: ALLR) from May 17, 2022 through July 19, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company believed that the FDA would approve the Company’s New Drug Application for the Company’s drug, Dovitnib, when the Company lacked a reasonable basis for making the claim.

On February 6, 2023, Allarity disclosed that it had “received a letter to produce documents from the SEC and that stated that the staff of the SEC is conducting an investigation . . . to determine if violations of the federal securities laws have occurred” in connection with “disclosures relating to submissions, communications and meetings with the FDA regarding our NDA for Dovitinib or Dovitinib-DRP.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on December 11, 2023, Allarity disclosed that its CEO had been terminated from his role “and all other positions with the Company and its subsidiaries.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on July 22, 2024, Allarity disclosed that it had received a Wells Notice from the SEC “relating to the Company’s previously disclosed SEC investigation,” advising that “[t]he Wells Notice relates to the Company’s disclosures regarding meetings with the [FDA] regarding the Company’s NDA for Dovitinib or Dovitinib-DRP, which was submitted to the FDA in 2021”; that, per the Company’s understanding, “all conduct relating to the SEC Wells Notice occurred during or prior to fiscal year 2022”; and “that three of its former officers received Wells Notices from the SEC relating to the same conduct.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Allarity Therapeutics, Inc. (NASDAQ: ALLR) from May 17, 2022 through July 19, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.