NEW YORK, Feb. 14, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Anavex Life Sciences Corp. (“Anavex” or the “Company”) (NASDAQ:AVXL), and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 15-cv-10162, is on behalf of a class consisting of all persons or entities who purchased Anavex securities between May 17, 2013 and December 28, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Anavex securities during the Class Period, you have until February 29, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Anavex is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of Alzheimer’s disease, central nervous system diseases, and various cancers.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Anavex had used a paid stock promoter to artificially inflate the Company’s share price; and (ii) as a result of the foregoing, Anavex’s public statements were materially false and misleading at all relevant times.
On December 29, 2015, pre-market, Anavex disclosed that it had received a subpoena from the SEC on December 22, 2015. Anavex stated, in part, that “[t]he Company believes the subpoena and investigation relate to the recent unusual activity in the market for the Company’s shares.” On this news, Anavex stock fell $0.72, or 10.24%, to close at $6.31 on December 29, 2015.
On December 30, 2015, pre-market, Seeking Alpha published a report by Melissa Davis entitled “Anavex: A Regulatory Target Damaged By Incriminating Evidence” (the “Davis Report”). On this news, Anavex stock fell $0.78, or 12.42%, to close at $5.50 on December 30, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com