Defendant Name:
Allarity Therapeutics, Inc.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
01674450
Document Reference:
33-11367
Document Details
Legal Case Name
In the Matter of Allarity Therapeutics, Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
12-Mar-2025
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On March 12, 2025, the SEC instituted settled cease-and-desist proceedings against Allarity Therapeutics, Inc., stating: "This matter involves disclosure failures by Boston-based biopharmaceutical company, Allarity Therapeutics, Inc. (“Allarity” or the “Company”). Between February 2020 and February 2022, through the conduct of certain former officers, these disclosure failures concealed from the public a harsh critique levied by the Food and Drug Administration (“FDA”) about the approval prospects for Allarity’s flagship cancer drug candidate, dovitinib."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Undertakings: "In connection with this action and any related judicial or administrative proceeding or investigation commenced by the Commission or to which the Commission is a party, (i) agree to use its best efforts to cause Respondent’s current and former employees, officers, and directors to be interviewed by the Commission staff at such times and places as the staff requests upon reasonable notice; (ii) agree to use its best efforts to cause Respondent’s current and former employees, officers, and directors to appear and testify truthfully and completely in such investigations, depositions, hearings, or trials as may be reasonably requested by the Commission staff; (iii) accept service by mail or email of notices or subpoenas issued by the Commission to Respondent for documents or testimony at depositions, hearings, or trials, or in connection with any related investigation by Commission staff; (iv) appoint Allarity’s undersigned attorney as agent to receive service of such notices and subpoenas; (v) with respect to such notices and subpoenas, waive the territorial limits on service contained in Rule 45 of the Federal Rules of Civil Procedure and any applicable local rules, provided that the party requesting the testimony reimburses Allarity’s travel, lodging, and subsistence expenses at the then-prevailing U.S. Government per diem rates; and (vi) consent to personal jurisdiction over Allarity in any United States District Court for purposes of enforcing any such subpoena."
Monetary Penalties:
Civil Penalty
Individual:
$2,500,000.00
Shared:
