Faruqi & Faruqi Alert: Anavex Life Sciences Corp.
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Anavex Life Sciences Corp. (“Anavex” or the “Company”) (NasdaqCM:AVXL) of the February 29, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Anavex securities between May 17, 2013 and December 28, 2015 (the “Class Period”). The case, Cortina v. Anavex Life Sciences Corp et al, No. 1:15-cv-10162 was filed on December 30, 2015, and has been assigned to Judge Jesse Matthew Furman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making misleading statements and failing to disclose that Anavex paid a stock promoter to artificially inflate the share price of the Company.
During premarket on December 29, 2015, Anavex disclosed that the Company received a subpoena from the Securities and Exchange Commission (“SEC”) on December 22, 2015. The Company stated that they believed the subpoena and investigation was in connection with unusual activity in the market for the Company’s shares. As a result of this news, on December 29, 2015, Anavex’s stock fell $0.75 per share to close at $6.28 per share, a 10.6686% drop.
During premarket on December 30, 2015, Seeking Alpha published a report entitled, "Anavex: A Regulatory Target Damaged By Incriminating Evidence." On this news, Anavex stock fell $0.78 to close at $5.50 per share, a 12.4204% drop.
If you invested in Anavex securities between May 17, 2013 and December 28, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Anavex’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.