NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Allakos Inc. (NASDAQ: ALLK) resulting from allegations that Allakos may have issued materially misleading business information to the investing public.
On December 18, 2019, Seligman Investments (“Seligman”) published a report describing Allakos as “A Suspect Biotech with a Phase 2 Farce, Incredulous Trial Investigators, and Warning Signs of Potential Fraud.” The Seligman report included 22 warning signs and issues, including Allakos: 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[.]”
On this news, the Company’s stock price fell $13.25, or nearly 10%, to close at $119.28 per share on December 18, 2019, injuring investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Allakos investors. If you purchased shares of Allakos please visit the firm’s website at http://www.rosenlegal.com/cases-register-1753.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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