| COMPANY |
Anavex Life Sciences Corp. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-01910 |
| JUDGE |
The Hon. Colleen McMahon |
| CLASS PERIOD |
February 1, 2022 through January 1, 2024 |
| SECURITY TYPE |
Securities |
Anavex investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than May 13, 2024 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Anavex Life Sciences Corp. (“Anavex”) (NASDAQ: ANXL) securities between February 1, 2022 and January 1, 2024, both dates inclusive (the “Class Period”).
Case Background:
On January 2, 2024, Anavex released the results of the Excellence study of blarcamesine (Anavex 2-73), the company’s primary product candidate. Despite Anavex’s previous insistence that it would analyze the Excellence study’s data using the same methods employed in the company’s earlier Avatar Phase II and Phase III trials of blarcamesine, Anavex in fact used different outcomes and statistical tests from those deployed in Avatar. The Excellence study data failed to reach statistical significance, with Anavex blaming an ostensible statistical powering problem for the study’s failure.
On this news, Anavex’s stock price fell $3.26 per share, or 35.02%, to close at $6.05 per share on January 2, 2024.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, including that: (1) Anavex suggested it was going to use particular endpoint and research methods known to the public in advance; (2) when the company changed those methods last-minute during the Avatar research program, it promised investors it would keep those newly-adopted endpoints and methods; (3) the company likewise abandoned those endpoints when it released the Excellence study data; and (4) as a result, Defendants' positive statements about the company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.