WASHINGTON, Feb. 04, 2016 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Anavex Life Sciences Corp. (“Anavex” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of Anavex Life Sciences Corp. (NASDAQ:AVXL) between May 17, 2013 and December 28, 2015, inclusive (the “Class Period”).
The complaint alleges that Anavex and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) Anavex had used a paid stock promoter to artificially inflate the Company's share price; and (2) as a result of the foregoing, Anavex's public statements were materially false and misleading during the Class Period.
The claims in this case followed the drop in the Company’s share price in response to its December 29, 2015 disclosure that it had received a subpoena from the Securities and Exchange Commission relating “to the recent unusual activity in the market for the Company’s shares.” The price of Anavex shares fell from $7.03 to $6.29 on December 29 and closed at $5.50 the following day.
Cohen Milstein encourages all investors who purchased Anavex common stock between May 17, 2013 and December 28, 2015, or former employees with information concerning this matter to contact the firm.
If you are an Anavex shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than February 29, 2016 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Rhys Tucker
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Suite 500 East
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; rtucker@cohenmilstein.com
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