The Law Offices of Frank R. Cruz reminds investors of the upcoming May 13, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Anavex Life Sciences Corp. (“Anavex” or the “Company”) (NASDAQ: AVXL) securities between February 1, 2022 and January 1, 2024, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased or otherwise acquired Anavex securities during the Class Period, you may move the Court no later than May 13, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240510629698/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
