CLASS DEFINITION: This lawsuit aims to recover losses for investors in Anavex Life Sciences who were impacted by alleged securities fraud between February 1, 2022, and January 1, 2024. For more information and to connect with a member of the team, please visit the link provided below.
Anavex Life Sciences (“AVXL”) investors can also reach out to Joseph E. Levi, Esq. via email or by telephone at (212) 363-7500.
CASE DETAILS: The complaint asserts that on December 2, 2022, AVXL disclosed positive topline results from its Phase 2b/3 ANAVEX®2-73-AD-004 clinical trial of oral ANAVEX®2-73 (blarcamesine) for treating mild cognitive impairment (MCI) due to Alzheimer’s disease (AD) and mild AD (early AD). ANAVEX®2-73 achieved the primary endpoints ADAS-Cog1 and ADCS-ADL2 as well as the key secondary endpoint CDR-SB3 with statistically significant outcomes. An analyst raised concerns about the Company’s assertion, stating that “there are several key factors that point us to believe the data is provocative, but not yet compelling, given the choice of statistical analyses and other trial design/conduct ‘complexifiers’.” Additionally, a biotech journalist remarked on AVXL’s discoveries, highlighting “what sets Anavex apart from all the other biotechs on my radar screen is its habit of shifting the goalposts on clinical trials…Anavex announced “positive” outcomes from studies of its drug called blarcamesine — except the results were derived from efficacy endpoints that were not part of the original study designs.” Subsequently, AVXL’s stock price dropped by \(2.47 per share, around 20%, to close at \)9.58. Furthermore, on January 3, 2024, AVXL revealed that results from its Phase 2⁄3 EXCELLENCE clinical trial for its ANAVEX®2-73 candidate in pediatric patients with Rett syndrome did not demonstrate statistical significance towards its primary endpoints. Biotech analysts remarked that “the negative study outcome was never in doubt…Anavex is a serial dissembler of clinical trial results.” Following this announcement, AVXL’s stock price decreased by $3.26 per share, approximately 35%.
WHAT’S NEXT? If you incurred a loss in Anavex Life Sciences during the specified period, you have until May 13, 2024, to request the Court to appoint you as the lead plaintiff. Serving as a lead plaintiff is not necessary for you to participate in any potential recovery.
NO COST TO YOU: As a class member, you may be eligible for compensation without having to pay any out-of-pocket expenses or fees. Participation is free of cost and obligation. WHY LEVI & KORSINSKY: With a two-decade track record, Levi & Korsinsky has recovered hundreds of millions of dollars for affected shareholders and has established a reputation for winning high-stakes cases. The firm boasts extensive experience in representing investors in intricate securities litigation and a dedicated team of over 70 professionals. For seven consecutive years, Levi & Korsinsky has been recognized in ISS Securities Class Action Services’ Top 50 Report as one of the premier securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP