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Anavex Life Sciences Corp.

Company NameAnavex Life Sciences Corp.
Stock SymbolAVXL
Class PeriodFebruary 01, 2022 to January 01, 2024
Lead Plaintiff Motion DeadlineMay 13, 2024

On January 2, 2024, Anavex announced results from a Phase 2/3 EXCELLENCE Clinical Study in Pediatric Rett Syndrome, reporting that the “co-primary endpoint . . . was not met.” The Company blamed deficiencies in the study on “large placebo effect which may have masked the compound’s therapeutic effect,” despite no evidence to support that claim.

On this news, Anavex’s stock price fell $3.26, or 35%, to close at $6.05 per share on January 2, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) suggested it was going to use particular endpoint and research methods known to the public in advance; (2) When the Company changed those methods last-minute during the Avatar research program, it promised investors it would keep those newly-adopted endpoints and methods; (3) It likewise abandoned those endpoints when it released the Excellence study data; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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