Aug 28 2021
ANVS CLASS ACTION ALERT: Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Annovis Bio, Inc. of Securities Fraud Class Action
RADNOR, Pa .– (COMMERCIAL THREAD) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Annovis Bio, Inc. (NYSE: ANVS) (“Annovis”) on behalf of those who have bought or acquired Annovis securities between May 21, 2021 and July 28, 2021, inclusive (the “Class Period”).
Reminder of the deadline for investors: investors who have bought or acquired Annovis securities during the Class Action Period may, no later than October 18, 2021, seek to be appointed as principal applicant representative of the group. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; by e-mail to [email protected]; Where Click on https://www.ktmc.com/new-cases/annovis-bio-inc-anvs?utm_source=PR&utm_medium=link&utm_campaign=annovis
Annovis is a clinical-stage pharmaceutical company that develops therapies for neurodegeneration, such as Alzheimer’s disease (“AD”), Parkinson’s disease (“PD”) and Alzheimer’s disease associated with Down syndrome. Its main compound is ANVS401 (Posiphen), an orally administered drug which is said to have inhibited the synthesis of neurotoxic proteins which are the main cause of neurodegeneration. Annovis was conducting two phase 2a clinical studies. The trial conducted in conjunction with the Alzheimer’s Cooperative Study examines 24 patients with early-onset AD, while the AD / PD trial examines 14 patients with AD and 54 patients with PD. Both are double-blind, placebo-controlled studies and were purportedly designed to measure not only target, but also validation of pathways in the cerebrospinal fluid of patients.
The Class Action Period begins on May 21, 2021, when Annovis released a press release titled “Annovis Bio Announces Positive Phase 2 Data – ANVS401 Improves Cognition in Alzheimer’s Disease – Patients’ Cognition Improved 3.3 Points on ADAS-Cog11. Then, on June 1, 2021, Annovis published a press release titled “ANVS401 from Annovis Bio improves speed and accuracy in patients with Alzheimer’s disease and Parkinson’s disease”.
The truth about ANVS401 emerged on July 28, 2021. After the market closed, Annovis released interim clinical data from its Phase 2a trial. Among other things, Annovis reported that AD patients 25 days after treatment did not show statistically significant improvement compared to placebo. Annovis also reported that although patients showed cognitive improvements in some areas, the results were not statistically significant.
In the wake of this news, Annovis’ share price fell $ 65.94, or 60%, to close at $ 43.50 per share on July 29, 2021.
The complaint alleges that throughout the litigation period, the defendants failed to disclose to investors that: (1) Annovis’ ANVS401 did not show statistically significant results in two patient populations with respect to factors such as orientation, judgment and problem solving; and (2) as a result of the foregoing, the defendants’ positive statements about the business, operations and prospects of Annovis were substantially misleading and / or lacked reasonable basis.
Annovis investors can, no later than October 18, 2021, seek to be appointed as the lead representative of class claimants through Kessler Topaz Meltzer & Check, LLP, or another lawyer, or may choose to do nothing and remain an absent member of the class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal 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. You do not need to contact a lawyer to participate or share the recovery achieved in this case. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country relating to securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors in the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.