NEW YORK, Jan. 7, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Aligos Therapeutics, Inc. ("Aligos" or the "Company") (NASDAQ: ALGS). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Aligos and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around October 15, 2020, Aligos conducted its initial public offering ("IPO"), offering 10 million shares of common stock priced at $15.00 per share. Then, on January 6, 2021, Aligos issued a press released "announc[ing] that it has halted further development of its STOPS™ drug candidate, ALG-010133, in development to address chronic hepatitis B (CHB)." Aligos stated that "[t]his decision is based on emerging data from the Phase 1 Study ALG-010133-101 that indicate that at the projected efficacious dose (400 mg, estimated to achieve liver exposures >3 x EC90 for HBsAg inhibition) there is no meaningful HBsAg reduction. Furthermore, higher doses levels (maximum feasible dose is 600 mg) that were planned to be evaluated in a subsequent cohort are very unlikely to reach the 1 log10 IU/mL HBsAg reduction level that Aligos had previously defined as necessary to advance the program." Accordingly, "[b]ased on this information, Aligos management reviewed the data with members of the study's Study Review Committee (SRC) and jointly concluded that these data were not sufficient to support further development of ALG-010133 and that dosing should be discontinued."
On this news, Aligos's stock price fell $6.02 per share, or 56.74%, to close at $4.59 per share on January 6, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
