Company Name: Annovis Bio, Inc.
Securities: NYSE American: ANVS
Class Period: May 21, 2021 to July 28, 2021, inclusive
Motion Deadline: October 16, 2021
Court: Eastern District of Pennsylvania
A federal securities class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania against Annovis Bio, Inc. and certain of its officers. The securities class action is brought on behalf of investors who purchased or otherwise acquired Annovis securities between May 21, 2021 and July 28, 2021, inclusive.
Annovis is a clinical-drug company and its lead drug candidate is ANVS401 (a/k/a Posiphen), which is used to treat Parkinson’s and Alzheimer’s diseases. Annovis is conducting two Phase 2 clinical trials with Posiphen. One trial is only for Alzheimer’s patients and the other trial is for both Alzheimer’s and Parkinson’s patients.
On May 21, 2021, Annovis announced positive results from one if its Posiphen trials for treatment of Alzheimer’s patients. As a result, Annovis’s stock price increased over 127% and close at $60.00 per share.
On July 28, 2021, Annovis attended the 2021 Alzheimer’s Association International Conference and presented new clinical trial data for Posiphen that failed to show statistical significance in treating Alzheimer’s and Parkinson’s patients relative to a placebo. On this news, Annovis’s stock price collapsed $65.94 per share, or over 60%, and closed at $43.50 per share.
The Annovis securities class action alleges, among other things, that the defendants made materially false and misleading statements and failed to disclose that Annovis’s ANVS401 did not show statistically significant results across two patient populations as to factors such as orientation, judgement, and problem solving; and as a result defendants’ positive statements about Annovis’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Annovis securities during the Class Period to ask the court to be appointed as lead plaintiff in the Annovis securities class action litigation. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit, and can select a law firm of its choice to litigate the class action lawsuit. A court will generally appoint as lead plaintiff the movant with the greatest financial interest in the relief sought by the proposed class of investors and who is also typical and adequate of the proposed class. An investor’s ability to share in any potential future recovery obtained in the litigation is not dependent upon serving as lead plaintiff.
If you wish to serve as lead plaintiff in the Annovis securities class action litigation or have questions concerning your rights regarding the Annovis securities class action litigation, please contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or firstname.lastname@example.org.
The deadline for Annovis investors to file a motion for appointment as lead plaintiff is October 16, 2021.
For further information about this investigation, contact:
Robert C. Finkel
Joshua W. Ruthizer