Breaking News: Class Action Lawsuit Filed Against Allarity Therapeutics, Inc.

What You Need to Know

NEW YORK, NY / ACCESSWIRE / October 21, 2024 / Pomerantz LLP has announced that a class action lawsuit has been filed against Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR) and certain officers.

The class action, filed in the United States District Court for the Southern District of New York, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Allarity securities between May 17, 2022, and July 19, 2024, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

The Allegations

The lawsuit alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that:

• Allarity’s lead drug candidate was not as promising as the Company had led investors to believe
• The Company’s positive statements about the drug’s efficacy and potential market approval were materially misleading
• As a result, the Company’s public statements were materially false and misleading at all relevant times

As more details emerge about this class action lawsuit, investors are advised to pay close attention to any developments that may impact their investments in Allarity Therapeutics, Inc.

How This Could Impact You

As an investor in Allarity Therapeutics, Inc., it is important to stay informed about the ongoing class action lawsuit and how it may affect your investments. If the allegations are proven true, it could lead to financial losses for shareholders and tarnish the company’s reputation in the market.

How This Could Impact the World

The outcome of this class action lawsuit against Allarity Therapeutics, Inc. could have broader implications for the pharmaceutical industry as a whole. If the allegations of misleading statements and false claims are substantiated, it could shake investor confidence in the industry and lead to increased scrutiny of other companies’ practices.

Conclusion

As the class action lawsuit against Allarity Therapeutics, Inc. unfolds, investors and industry stakeholders will be closely watching for any developments that could impact the company and the wider market. It is crucial for investors to stay informed and consider their options in light of the allegations made against the Company. Keep an eye on news updates and seek advice from financial professionals to make informed decisions about your investments.