Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the upcoming February
29, 2016 deadline to file a lead plaintiff motion in the class
action filed on behalf of a class (the “Class”) of investors who
purchased Anavex Life Sciences Corp. (“Anavex” or the “Company”)
(Nasdaq: AVXL) securities between May 17, 2013 and December 28, 2015,
inclusive (the “Class Period”). Anavex investors with over $150,000 in
losses are encouraged to contact Lesley Portnoy, Esquire, to discuss
their legal claims in this matter.
Anavex, the clinical-stage biopharmaceutical company that designs
therapeutic treatments of neurodegenerative diseases, announced their
year-end results for fiscal year 2015. On December 29, 2015, pre-market,
the company revealed that on December 22, 2015 the U.S. Securities and
Exchange Commission had subpoenaed the company. Anavex mentioned, 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."
Upon this news, on December 29, 2015, Anavex stock opened at $5.96 from
a previous close of $7.03, and in early trading dropped as low $5.54, or
21.19% on heavy volume.
According to the lawsuit, throughout the Class Period, Defendants issued
materially false and misleading statements to investors and/or failed to
disclose that: (1) Anavex had used a paid stock promoter to artificially
inflate Anavex’s share price; and (2) as a result of the foregoing,
Defendants’ statements about its business, operations, and prospects,
were materially false and misleading and/or lacked a reasonable basis at
all relevant times. When the true details entered the market, the
lawsuit claims that investors suffered damages.
If you purchased shares of Anavex during the Class Period, or if you
have information or would like to learn more about these claims, or have
any questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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