BOSTON, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, is investigating Allakos, Inc. (NASDAQ: ALLK) and certain of its officers and directors for potential violations of federal securities laws.
On December 18, 2019, Seligman Research published a report on Allakos, a therapeutic antibody developer, entitled “A Suspect Biotech with a Phase 2 Farce, Incredulous Trial Investigators, and Warning Signs of Potential Fraud.” The report claims to have identified 22 “red flags” and accused the company of having “a checkered history of conducting small, low-credibility trials, marked by a striking level of what we consider to be discrepancies, omissions, cherry-picking, and other red flags”; and engaging in “[f]lagrant nepotism in key clinical roles.”
On this news, Allakos’s stock price fell $13.25 per share, or 10%, to close at $119.28 on December 18, 2019.
If you have purchased or otherwise acquired Allakos securities and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at mdelaney@blockesq.com, or by visiting https://shareholder.law/allk.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
Mark Delaney
(617) 398-5600 phone
260 Franklin Street, Suite 1860
Boston, MA 02110
mark@blockesq.com