Unraveling the Allarity Therapeutics, Inc. Probe
In a recent development that sent ripples through the investment community, Glancy Prongay & Murray LLP (GPM) initiated an investigation into Allarity Therapeutics, Inc. (Allarity), focusing on potential breaches of federal securities laws. This move came hot on the heels of Allarity’s disclosure on July 22, 2024, regarding a Wells Notice from the U.S. Securities and Exchange Commission.
The Unveiling of the Wells Notice
Allarity stunned investors when it divulged that it received a Wells Notice related to statements about discussions with the U.S. Food and Drug Administration concerning the New Drug Application (NDA) for its product, Dovitnib. The NDA had been submitted in 2021. Compounding the matter, three former executives of Allarity also found themselves on the receiving end of Wells Notices. These notices signaled the SEC’s preliminary intent to recommend enforcement action against the Company for alleged violations of federal securities laws.
The Fallout and Investor Concerns
Following the revelation, concerns mounted among investors about the implications for the future of Allarity and the potential ramifications of the SEC’s looming enforcement action. This series of events triggered a response from Glancy Prongay & Murray LLP, aiming to gather information to protect the rights of investors affected by this unfolding situation.
A Call for Whistleblowers
In light of these developments, individuals possessing non-public information concerning Allarity were encouraged to contribute to the ongoing investigation. Glancy Prongay & Murray LLP highlighted the SEC Whistleblower Program, offering rewards for valuable original information leading to successful outcomes for the SEC.
About Glancy Prongay & Murray LLP
Steeped in a rich history of representing investors and consumers in intricate securities litigation cases, GPM has garnered recognition from ISS Securities Class Action Services for its outstanding performance. With a national presence and a formidable team of legal experts, GPM has consistently secured victories for stakeholders in various litigations, including securities, antitrust, consumer, and employment class actions.
Through its unwavering dedication, GPM has achieved groundbreaking results, recovering billions for aggrieved parties across a spectrum of corporate wrongdoings. Noteworthy successes have been extensively covered by renowned publications such as The Wall Street Journal, Bloomberg Businessweek, and Forbes, reaffirming GPM’s position as a force to be reckoned with in the legal realm.
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