Overview

A class action lawsuit has been filed against Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Allarity class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Allarity securities between May 17, 2022, and July 19, 2024, both dates inclusive (the “Class Period”).  Investors have until November 12, 2024, to seek appointment as lead plaintiff of the Allarity class action lawsuit.

Allarity is a clinical-stage biopharmaceutical company that develops oncology therapeutics using drug-specific companion diagnostics generated by its Drug Response Predictor technology.  Allarity’s drug candidates include, inter alia, Dovitinib, a pan-tyrosine kinase inhibitor for the treatment of renal cell carcinoma (“RCC”).  The Company’s companion diagnostic technology for Dovitinib is referred to as “DRP®-Dovitinib” or “Dovitinib-DRP.”

On April 2, 2021, Allarity’s predecessor parent corporation, Allarity Therapeutics A/S (“Allarity A/S”), announced that it had submitted a premarket approval application (“PMA”) to the U.S. Food and Drug Administration (“FDA”) for Dovitinib-DRP (the “Dovitinib-DRP PMA”).  On December 22, 2021, Allarity issued a press release announcing that it had submitted a new drug application (“NDA”) to the FDA seeking marketing approval for Dovitinib for the third-line treatment of RCC patients (the “Dovitinib NDA”).

The Allarity class action lawsuit alleges that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants had overstated the Dovitinib NDA’s continued regulatory prospects; (2) Allarity and three of its former officers had engaged in illegal, illicit, and/or otherwise improper conduct in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA; (3) the foregoing misconduct subjected the Company to an increased risk of regulatory and/or governmental scrutiny and enforcement action, as well as significant legal, monetary, and reputational harm; (4) following Allarity’s announcement that it was, in fact, being investigated for wrongdoing in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA, the Company downplayed the substantial likelihood that an enforcement action would result from such investigation; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Allarity securities between May 17, 2022, and July 19, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the Allarity class action lawsuit is November 12, 2024.