Securities Class Action Lawsuit Against Three Lewis Brisbois Clients Dismissed

(February 27, 2025) - The plaintiff in a putative securities class action lawsuit in New York federal court has voluntarily dismissed the case against all defendants, including three Lewis Brisbois clients - former Allarity Therapeutics officers James G. Cullem, Joan Y. Brown, and Jens Erik Knudsen.

The lawsuit was filed in the U.S. District Court for the Southern District of New York in September 2024 against Allarity and certain of its former and current officers. The complaint alleged that the defendants made false or misleading statements regarding the New Drug Application (NDA) for the cancer treatment Dovitinib, submitted to the U.S. FDA in late 2021, as well as related matters. Mr. Cullem, Ms. Brown, and Mr. Knudsen - who are represented by Washington, D.C. Partner Paul Kisslinger and Sacramento, CA Partner Scott Bartel - served in various executive roles for Allarity during the relevant time period.

Lewis Brisbois’ clients and their co-defendants vigorously disputed the allegations. Notably, no settlement or other payment was required to be made by the defendants in connection with the dismissal.

“I am pleased to put this matter behind me, as it was without factual or legal merit," Mr. Cullem said. "I stand behind the diligent, lawful, and professional efforts of myself and the other leaders of Allarity during our respective tenures with the company. I also wish to thank attorneys Kisslinger and Bartel of Lewis Brisbois for their excellent representation in bringing this matter to a successful conclusion."

Visit Lewis Brisbois' Securities Class Action Defense Practice page for more information about our capabilities in this area.