Frequency Therapeutics, Inc.
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Frequency Therapeutics has conducted several clinical studies evaluating the safety and effectiveness of FX-322, the most significant of which was a Phase 2a study, beginning in October 2019. In April 2020, David L. Lucchino Frequency’s Chief Executive Officer (“CEO”), began selling his shares of Frequency, totaling over 350,000 shares sold, earning over $10.5 million.
Before the market opened, on March 23, 2021, Frequency disclosed in a press release disappointing interim results of the Phase 2a study, which revealed that subjects with mild to moderate SNHL did not demonstrate improvements in hearing measures versus placebo.
Frequency’s shares fell $28.30, or 78%, on this news, to close at $7.99 per share, thereby damaging investors.
It is alleged in this complaint that throughout the Class Period, Frequency made materially misleading and/or false statements, as well as failed to disclose material adverse facts about Frequency’s business, operations, and prospects. Specifically, Frequency failed to disclose: (1) that Frequency’s Phase 2a study did not yield positive results in support of commercialization of FX-322; and (2) that, as a result, Frequency’s statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.