by Daniel Webster, dWeb.News Publisher
SAN DIEGO, Oct. 14, 2021 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers of Annovis Bio, Inc. (NYSE: ANVS) securities between May 21, 2021 and July 28, 2021, both dates inclusive (the “Class Period”), have until this upcoming Monday, October 18, 2021, to seek appointment as lead plaintiff in Zhou v. Annovis Bio, Inc., No. 21-cv-03668, the Annovis Bio class action lawsuit. The Annovis Bio class action lawsuit charges Annovis Bio and certain of its top executives with violations of the Securities Exchange Act of 1934. The Annovis Bio class action lawsuit was commenced on August 17, 2021 in the Eastern District of Pennsylvania. A similar lawsuit (Cruz v. Annovis Bio, Inc., No. 21-cv-04040) was also filed in the Eastern District of Pennsylvania.
If you wish to serve as lead plaintiff of the Annovis Bio class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Annovis Bio class action lawsuit must be filed with the court no later than this upcoming Monday, October 18, 2021.
CASE ALLEGATIONS: Annovis Bio is a clinical stage pharmaceutical company and 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.
The Annovis Bio class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Annovis Bio’s ANVS401 did not show statistically significant results across two patient populations as to factors such as orientation, judgement, and problem solving; and (ii) as a result, defendants’ positive statements about Annovis Bio’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 28, 2021, Annovis Bio reported interim clinical data from its Phase 2a trial. Among other things, Annovis Bio reported that Alzheimer’s disease patients 25 days after treatment failed to show statistically significant improvement compared to the placebo. Annovis Bio reported that patients did show cognitive improvements in some areas but not statistically significant. On this news, Annovis Bio’s share price fell approximately 60%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Annovis Bio securities during the Class Period to seek appointment as lead plaintiff in the Annovis Bio class action lawsuit. The lead plaintiff is usually the movant who has the most financial interest in the relief sought for by the putative classes and is also typical or adequate to the putative classes. The Annovis BIO class-action lawsuit is directed by the lead plaintiff. To litigate the Annovis BIO class-action lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in the future recovery of the Annovis BIO class-action lawsuit does not depend on serving as the lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the biggest shareholder recoveries in history. This includes the largest ever securities class action recovery – $7.2 Billion – in In Re Enron Corp. Sec. Litig . The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
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