New York, New York – (Newsfile Corp. – October 9, 2021) – Pomerantz LLP announces that a class action lawsuit has been filed against Annovis Bio, Inc. (“Annovis” or the “Company”) (NYSE: ANVS) and some of its officers. The class action lawsuit, filed in the United States District Court for the Eastern District of Pennsylvania, and registered as 21-cv-04040, is in the name of a group consisting of all persons and entities other than the defendants who bought or otherwise acquired Annovis securities between May 21, 2021 and July 28, 2021 inclusive (the “Recourse Period”). The plaintiff is pursuing actions against the defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Annovis securities during the Recourse Period, you have until October 18, 2021 to ask the Court to appoint you as the Main Complainant for the Recourse. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
Annovis is a clinical-stage pharmaceutical company developing therapies for neurodegeneration, such as Alzheimer’s disease (“AD”), Parkinson’s disease (“PD”) and AD in Down syndrome. Its main compound is ANVS401 (Posiphen), an orally administered drug which is said to have inhibited the synthesis of neurotoxic proteins which are the main cause of neurodegeneration.
At all relevant times, the Company was conducting two phase 2a clinical studies. The trial conducted in conjunction with the Alzheimer’s Cooperative Study examines twenty-four patients with early-onset AD, while the AD / PD trial examines fourteen patients with AD and fifty-four patients with Parkinson’s disease. Both are double-blind, placebo-controlled studies and were purportedly designed to measure not only target, but also validation of pathways in the cerebrospinal fluid of patients. Annovis said that if he could show both target and pathway validation in two patient populations, he “thinks[d] this [its] the opportunity to succeed in phase 3 studies is better than if we simply demonstrated the validation of the target in a patient population. “
The complaint alleges that, throughout the Class Period, the Defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects of the Company. Specifically, the defendants failed to disclose to investors: (1) that ANVS401 from Annovis did not show statistically significant results in two patient populations with respect to factors such as referral, judgment and problem solving; and (2) that due to the foregoing, the Defendants’ positive statements regarding the activities, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.
On July 28, 2021, after the market closed, Annovis published interim clinical data for its phase 2a trial. Among other things, the Company reported that patients with AD twenty-five days after treatment did not show statistically significant improvement compared to placebo. Annovis also reported that although patients showed cognitive improvements in some areas, the results were not statistically significant.
Following this news, the Company’s share price fell $ 65.94, or 60%, to close at $ 43.50 per share on July 29, 2021, on unusually high trading volume.
Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99149