An investigation on behalf of investors of Frequency Therapeutics, Inc. (NASDAQ: FREQ) shares over potential securities laws violations by Frequency Therapeutics, Inc. and certain of its directors and officers in connection with certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Frequency Therapeutics, Inc. (NASDAQ: FREQ) concerning whether a series of statements by Frequency Therapeutics, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Woburn, MA based Frequency Therapeutics, Inc., a clinical-stage biotechnology company, focuses on harnessing the body's innate biology to repair or reverse damage caused by a broad range of degenerative diseases.
On or around October 2, 2019, Frequency Therapeutics, Inc conducted its initial public offering ("IPO"), selling 6,000,000 shares of common stock priced at $14.00 per share.
On March 23, 2021, Frequency announced the topline, day-90 data from its FX-322 Phase 2a study (FX-322-202). Frequency Therapeutics, Inc disclosed that "[t]he interim results show that four weekly injections in subjects with mild to moderately severe sensorineural hearing loss (SNHL) did not demonstrate improvements in hearing measures versus placebo."
Shares of Frequency Therapeutics, Inc. (NASDAQ: FREQ) declined to as low as $7.34 per share on March 30, 2021.