Avanex Life Sciences Corporation Class Action

Robbins LLP is Investigating the Allegations that Anavex Life Sciences Corporation (AVXL) Misled Investors Regarding the Likelihood of Success of its Clinical Trial

Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons who purchased or otherwise acquired Anavex Life Sciences Corporation (NASDAQ: AVXL) stock between February 1, 2022 and January 1,2024. Anavex investigates, manufactures, and markets pharmaceuticals for central nervous system (CNS) disorders.

The Allegations

According to the complaint, Anavex’s primary product is blarcamesine. Anavex sponsored the “Excellence” Phase II/Phase III study to investigate blarcamesine as a treatment for pediatric Rett syndrome patients.

Plaintiff alleges that during the class period defendants made false and/or misleading statements and/or failed to disclose that defendants misled investors by providing a materially flawed and inaccurate impression of Anavex’s research program and of blarcamesine’s actual likelihood of success in the Rett syndrome trials.

On January 2, 2024, Anavex announced the Excellence study results and in doing so revealed that Anavex used the “MMRM” method – a statistical method not previously used by Anavex in its prior blarcamesine studies – to analyze the data and that the Excellence study failed to achieve statistical significance on all but one measure.  On this news, the price of Anavex stock fell more than 35%, according to the complaint.

What Now: You may be eligible to participate in the class action against Anavex Life Sciences Corporation. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by May 13, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses. 

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