BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Anavex Life Sciences Corp. (“Anavex” or the “Company”) (NASDAQ: AVXL) securities between February 1, 2022 and January 1, 2024, inclusive (the “Class Period”). Anavex investors have until May 13, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Anavex investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On January 2, 2024, Anavex announced results from a Phase 2/3 EXCELLENCE Clinical Study in Pediatric Rett Syndrome, reporting that the “co-primary endpoint . . . was not met.” The Company blamed deficiencies in the study on “large placebo effect which may have masked the compound’s therapeutic effect,” despite no evidence to support that claim.
On this news, Anavex’s stock price fell $3.26, or 35%, to close at $6.05 per share on January 2, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) 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) It 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.
If you purchased Anavex securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
