San Diego, California--(Newsfile Corp. - October 11, 2021) - Robbins Geller Rudman & Dowd LLP announces that purchasers of Annovis Bio, Inc. (NYSE American: ANVS) securities between May 21, 2021 and July 28, 2021, both dates inclusive (the "Class Period"), have until next Monday, October 18, 2021, to seek appointment as lead plaintiff in Zhou v. Annovis Bio, Inc., No. 21-cv-03668, the Annovis Bio class action lawsuit. The Annovis Bio class action lawsuit charges Annovis Bio and certain of its top executives with violations of the Securities Exchange Act of 1934. The Annovis Bio class action lawsuit was commenced on August 17, 2021 in the Eastern District of Pennsylvania. A similar lawsuit (Cruz v. Annovis Bio, Inc., No. 21-cv-04040) was also filed in the Eastern District of Pennsylvania.
If you wish to serve as lead plaintiff of the Annovis Bio class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Annovis Bio class action lawsuit must be filed with the court no later than next Monday, October 18, 2021.
CASE ALLEGATIONS: Annovis Bio is a clinical stage pharmaceutical company and its lead compound is ANVS401 (Posiphen), an orally administrated drug which purportedly inhibited the synthesis of neurotoxic proteins that are the main cause of neurodegeneration.
The Annovis Bio class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Annovis Bio's ANVS401 did not show statistically significant results across two patient populations as to factors such as orientation, judgement, and problem solving; and (ii) as a result, defendants' positive statements about Annovis Bio's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 28, 2021, Annovis Bio reported interim clinical data from its Phase 2a trial. Among other things, Annovis Bio reported that Alzheimer's disease patients 25 days after treatment failed to show statistically significant improvement compared to the placebo. Annovis Bio also reported that, although patients showed cognitive improvements in certain areas, the results were not statistically significant. On this news, Annovis Bio's share price fell approximately 60%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Annovis Bio securities during the Class Period to seek appointment as lead plaintiff in the Annovis Bio class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Annovis Bio class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Annovis Bio class action lawsuit. An investor's ability to share in any potential future recovery of the Annovis Bio action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs' firm. Please visit http://www.rgrdlaw.com for more information.
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
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