Hearing loss drug developer Frequency Therapeutics (NASDAQ: FREQ) is the subject of a growing number of security fraud accusations on behalf of investors.
Earlier this year, things were looking up for the company’s lead product candidate, FX-322. But on March 23, Frequency Therapeutics announced that interim results suggested that FX-322 was not effective at improving mild to moderately severe sensorineural hearing loss in a Phase 2a study compared to placebo. Previous results from a smaller study had been more positive.
The company’s stock fell from a high of $55.01 on Feb. 19 to $9.55 in mid-day trading on June 15.
Among the law firms filing lawsuits against Frequency Therapeutics is Robbins LLP (San Diego), which recently filed a class-action lawsuit for purchasers of Frequency Therapeutics stock between Nov. 16, 2020 and March 22. That lawsuit alleges that the company misrepresented its FX-322 experimental drug in earnings calls, press releases, SEC …