Please list your purchase and sale transaction(s) in the Anavex Life Sciences Corp. (NASDAQ: AVXL) security that is subject of this action between May 17, 2013 and December 28, 2015:
Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of Anavex Life Sciences Corp. (NASDAQ: AVXL) (“Anavex”) between May 17, 2013 and December 28, 2015, inclusive (the “Class Period”).
According to the complaint, 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, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the complaint alleges that the 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.
The Class Period commences on May 17, 2013, when Anavex filed a quarterly report on Form 10-Q with the SEC announcing the company’s financial and operating results for the quarter and fiscal year ended March 31, 2013.
According to the complaint, prior to the market opening on December 29, 2015, Anavex filed an annual report on Form 10-K with the SEC announcing the company’s financial and operating results for the quarter and fiscal year ended September 30, 2015. Anavex disclosed that it had received a subpoena from the SEC on December 22, 2015 and 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.” Following this news, Anavex stock fell $0.72, or 10.24%, to close at $6.31 on December 29, 2015.
Then prior to the market opening on December 30, 2015, Seeking Alpha published a report by Melissa Davis entitled “Anavex: A Regulatory Target Damaged By Incriminating Evidence”. The report elaborated on the subject of the SEC’s subpoenas. Following this news, Anavex stock fell $0.78, or 12.42%, to close at $5.50 on December 30, 2015.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706