Kessler Topaz Meltzer & Check, LLP: Securities Fraud Class Action Lawsuit Filed Against Annovis Bio, Inc.
Sep 14, 2021 2:24 PM ET
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The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Annovis Bio, Inc. on behalf of those who purchased or acquired Annovis securities betweeen May 21, 2021 and July 28, 2021, inclusive.
Annovis is a clinical stage pharmaceutical company that is developing therapies addressing neurodegeneration, such as Alzheimer's disease ("AD"), Parkinson's disease ("PD"), and Alzheimer's disease in Down syndrome. Its lead compound is ANVS401 (Posiphen), an orally administrated drug which purportedly inhibited the synthesis of neurotoxic proteins that are the main cause of neurodegeneration. Annovis was conducting two Phase 2a clinical studies. The trial conducted in collaboration with the Alzheimer's Disease Cooperative Study examines 24 early AD patients, whereas the AD/PD trial examines 14 AD and 54 PD patients. Both are double-blind, placebo-controlled studies and were purportedly designed to measure not only target, but also pathway validation in the spinal fluid of patients.
The Class Period commences on May 21, 2021, when Annovis issued a press release entitled "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 issued a press release entitled "Annovis Bio's ANVS401 Improves Speed and Accuracy in Alzheimer's and in Parkinson's Patients."
The truth regarding ANVS401 emerged on July 28, 2021. After the market closed, Annovis reported interim clinical data from its Phase 2a trial. Among other things, Annovis reported that AD patients 25 days after treatment failed to show statistically significant improvement compared to the placebo. Annovis also reported that, although patients showed cognitive improvements in certain areas, the results were not statistically significant.
Following this news, Annovis's share price fell $65.94, or 60%, to close at $43.50 per share on July 29, 2021.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Annovis's ANVS401 did not show statistically significant results across two patient populations as to factors such as orientation, judgement, and problem solving; and (2) as a result of the foregoing, the defendants' positive statements about Annovis's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Annovis investors may, no later than October 18, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead 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. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
URL : http:// www.ktmc.com.
Contact Information:(844) 887-9500 (toll free)
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