PHILADELPHIA, March 27, 2024 (GLOBE NEWSWIRE) -- The law firm of Barrack, Rodos & Bacine announces that a class action lawsuit has been filed on behalf of investors in Anavex Life Sciences Corp. (NASDAQ: AVXL) who purchased the stock between February 1, 2022 and January 1, 2024 (the “Class Period”).
If you purchased Anavex stock during the Class Period and sustained a loss on your investment in these shares, you are encouraged to contact us about your rights in this matter and the possibility of leading this class action lawsuit.
You may contact the firm about this matter by calling Linda Border or Mark Stein at 877-386-3304, or via email at investoralert@barrack.com. You may also visit the securities litigation section of the firm's website by clicking https://barrack.com/newsroom/shareholder-alert-barrack-rodos-bacine-notifies-shareholders-of-anavex-life-sciences-securities-class-action-lawsuit/
Investors have until May 13, 2024 to submit a motion for consideration to be appointed as lead plaintiff. Your ability to participate in any recovery does not, however, require that you serve as lead plaintiff.
Anavex investigates, manufactures, and markets pharmaceuticals to treat central nervous system disorders. One such drug under development is blarcamesine, which is being investigated as a treatment for Rett syndrome. The complaint alleges that Anavex misrepresented or failed to disclose material facts about its “Excellence” Phase II/Phase III clinical trial, which tested blarcamesine in pediatric Rett syndrome patients. The complaint alleges Anavex falsely portrayed to investors its research program and the likelihood that its Rett syndrome trials would be successful.
On January 2, 2024, Anavex announced the Excellence trial results. According to the complaint, Anavex revealed for the first time that it had used a statistical method to analyze the results not used in previous blarcamesine studies. Moreover, even using this method, the trial failed to show statistically significant improvements by most measures. On this news, Anavex’s share price fell 35% to close at $6.05 per share on January 2, 2024.
Philadelphia-based Barrack Rodos & Bacine has more than four decades of experience prosecuting securities law class actions, including cases involving accounting fraud and insider trading, and has achieved some of the largest recoveries in U.S. history of securities litigation. The firm's largest recoveries on behalf of investors include $6.19 billion for WorldCom investors, $3.32 billion for Cendant investors, $1.05 billion for McKesson investors, and $970.5 million for AIG investors.
