Lead Plaintiff Deadline: 05/11/2020
SUMMARY OF CASE:
A securities class action has been filed against Allakos Inc. (ALLK) on behalf of purchasers of the securities of Allakos between August 5, 2019 through December 17, 2019. This case has been filed in the USDC – N.D.CA.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) The Company’s ENIGMA Trial for its flagship drug, AK002, was poorly designed; (2) Allakos cherrypicked timeframes and to engineer results for the ENIGMA trial; (3) Allakos used superficial endpoints in the ENIGMA Trial relative to FDA guidance; (4) Allakos misrepresented the number of adverse incidents that occurred during the ENIGMA Trial; (5) the ENIGMA Trial was not well-controlled; (6) Allakos failed to report key data from the ENIGMA Trial; and (7) as a result, defendants’ statements about Allakos’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.