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AVXL.US
id: 1140

Anavex Life Sciences (AVXL) Clinical Trials Issues Case

S.D. New York
Court
1:24-cv-01910
Case number
01 Feb 2022
Class period Start
01 Jan 2024
Class period End
13 May 2024
Lead Plaintiff motion deadline
  • $AVXL stockholder filed a claim vs. Anavex for not properly disclosing clinical trial results.
  • On January 2, 2024, news of the study results caused $AVXL to fall 35%, losing $268M+ in shareholder value.
Anavex supposedly sponsored Avatar clinical trials to test blarcamesine's effectiveness for treating adults with Rett syndrome.
  • Anavex planned to use specific measures to evaluate Avatar's effectiveness, as stated on the ClinicalTrials.
  • However, Anavex didn't follow the protocol outlined on ClinicalTrials and used different measures to assess the drug's success.
After announcing Avatar results, $AVXL fell 19% on February 2, 2022.

Anavex is also accused of using similar tactics in its "Excellence" studies.

On January 2, 2024, Anavex revealed the Excellence study results, using a new statistical method.
  • However, it only showed statistical significance on one measure, failing on all others.
Following this news, $AVXL dropped 35%.

Based on these events, $AVXL stockholder filed a claim against Anavex and its leaders, accusing them of the following:
  • Anavex sponsored Avatar clinical trials but used different measures than disclosed.
  • Anavex repeated similar tactics with its "Excellence" study, also showing insignificant results.
Considering all the representations, investors have reasons to suspect that Anavex didn't properly disclose clinical trial results and didn't follow protocol in the studies.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
02 January 2024
Filing date
13 March 2024
Lead Plaintiff Deadline
13 May 2024
Judge
Hon. Colleen McMahon
Collecting participants…

Anavex Life Sciences Corp

Anavex Life Sciences Corp., a clinical stage biopharmaceutical company, engages in the development of therapeutics for the treatment of central nervous system diseases. Its lead product candidate i...

    Ticker
    AVXL.US
    ISIN
    US0327973006
    CIK
    1314052
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    630 5th Avenue, New York, NY, United States, 10111