Law
Offices of Howard G. Smith reminds investors of the upcoming February
29, 2016 deadline to file a lead plaintiff motion in the class
action filed on behalf 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”).
Investors who suffered losses on their investment in Anavex securities
are encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights.
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 as $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 Anavex shares, you may move the Court no later than February
29, 2016 to request appointment as lead plaintiff. To be a member of
the class you need not take any action at this time; you may retain
counsel of your choice or take no action and remain an absent member of
the Class. If you wish to learn more about this action, or if you have
any questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free
at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160222005018/en/
Copyright Business Wire 2016