Allena Pharmaceuticals Inc. filed for chapter 11 bankruptcy protection and terminated the employment of substantially all of its employees, MarketWatch.com reported. The company said it intends to continue operating at a reduced level. Allena expects the filing will result in the cancellation or extinguishment of all outstanding shares without any payment or other distribution. Allena, which had requested a hearing after receiving a Nasdaq delisting warning, said on Friday that it is unlikely to pursue the hearing and expects its stock will soon be suspended. Allena warned last month that an in-court or out-of-court restructuring was possible.
