Kaskela Law LLC announces that it is investigating potential breach of fiduciary duty claims concerning Anavex Life Sciences Corp. (NASDAQ: AVXL) (“Anavex”) on behalf of the company’s long-term shareholders.

Recently a securities fraud complaint was filed against Anavex on behalf of certain investors who purchased shares of the company’s stock between February 1, 2022 and January 1, 2024 (the “Class Period”).

As detailed in the complaint, Anavex’s primary product is blarcamesine. Anavex sponsored the “Excellence” Phase II/Phase III study to investigate blarcamesine as a treatment for pediatric Rett syndrome patients.

The complaint alleges that, during the Class Period, Anavex and the company’s Chief Executive Officer made false and/or misleading statements and/or failed to disclose that the company had misled investors (i) by providing a materially flawed and inaccurate impression of Anavex’s research program, and (ii) of blarcamesine’s actual likelihood of success in the Rett syndrome trials.

On January 2, 2024, Anavex announced the Excellence study results and in doing so revealed that Anavex used the “MMRM” method – a statistical method not previously used by Anavex in its prior blarcamesine studies – to analyze the data and that the Excellence study failed to achieve statistical significance on all but one measure.  Following this news, the shares of Anavex’s stock fell $3.26 per share, or over 35% in value, to close on January 2, 2024 at $6.05 per share, on unusually heavy trading volume.

The investigation seeks to determine whether the members of Anavex’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.

Current Anavex shareholders who have owned the company’s shares since at least February 1, 2022 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, to receive additional information about this investigation and their legal rights and options.

CONTACT:

KASKELA LAW LLC
D. Seamus Kaskela, Esq.
([email protected])
Adrienne Bell, Esq.
([email protected])
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 229 – 0750