Anavex Life Sciences Corporation
Case Overview
15 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 05/13/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Anavex Life Sciences Corporation |
Court: | Court: Southern District of New York |
Case Number: | Case Number: 1:24cv01910 |
Class Period: | Class Period: 02/01/2022 - 01/01/2024 |
Ticker: | Ticker: AVXL |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Anavex Life Scienecs Corporation (“Anavex” or the “Company”) (NASDAQ:AVXL) securities during the period of February 1, 2022 to January 1, 2024, inclusive (“the Class Period”). Investors have until May 13, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On December 2, 2022, Anavex announced positive topline results from its Phase 2b/3 ANAVEX2-73-AD-004 clinical trial of oral ANAVEX2-73 (blarcamesine) for the treatment of mild cognitive impairment due to Alzheimer's disease. ANAVEX2-73 met the primary endpoints and key secondary endpoint with statistically significant results. Anavex noted the positive results from the study "were derived from efficacy endpoints that were not part of the original study designs." On this news, the price of Anavex shares declined by $2.47 per share, or approximately 20%, to close at $9.58 on December 5, 2022.
On January 2, 2024, Anavex announced that results from its Phase 2/3 EXCELLENCE clinical trial for its candidate ANAVEX2-73 in pediatric patients with Rett syndrome failed to show statistical significance towards its primary endpoints. On this news, the price of shares declined by $3.26 per share, or approximately 35%, to close at $6.04 on January 2, 2024.
The lawsuit alleges that Anavex engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of Anavex stock and operated as a fraud or deceit on Class Period purchasers of Anavex stock by failing to disclose and misrepresenting the adverse facts detailed herein.
On December 2, 2022, Anavex announced positive topline results from its Phase 2b/3 ANAVEX2-73-AD-004 clinical trial of oral ANAVEX2-73 (blarcamesine) for the treatment of mild cognitive impairment due to Alzheimer's disease. ANAVEX2-73 met the primary endpoints and key secondary endpoint with statistically significant results. Anavex noted the positive results from the study "were derived from efficacy endpoints that were not part of the original study designs." On this news, the price of Anavex shares declined by $2.47 per share, or approximately 20%, to close at $9.58 on December 5, 2022.
On January 2, 2024, Anavex announced that results from its Phase 2/3 EXCELLENCE clinical trial for its candidate ANAVEX2-73 in pediatric patients with Rett syndrome failed to show statistical significance towards its primary endpoints. On this news, the price of shares declined by $3.26 per share, or approximately 35%, to close at $6.04 on January 2, 2024.
The lawsuit alleges that Anavex engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of Anavex stock and operated as a fraud or deceit on Class Period purchasers of Anavex stock by failing to disclose and misrepresenting the adverse facts detailed herein.