BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming February 29, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Anavex Life Sciences Corp. (“Anavex” or the “Company”) (NASDAQ: AVXL) securities between May 17, 2013 and December 28, 2015, inclusive (the “Class Period”). Investors who suffered losses on their investment in Anavex securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights.
Anavex, the clinical-stage biopharmaceutical company that designs therapeutic treatments of neurodegenerative diseases, announced their year-end results for fiscal year 2015. On December 29, 2015, pre-market, the company revealed that on December 22, 2015 the U.S. Securities and Exchange Commission had subpoenaed the company. Anavex mentioned, in part, that "[t]he Company believes the subpoena and investigation relate to the recent unusual activity in the market for the Company's shares."
Upon this news, on December 29, 2015, Anavex stock opened at $5.96 from a previous close of $7.03, and in early trading dropped as low as $5.54, or 21.19% on heavy volume.
According to the lawsuit, throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Anavex had used a paid stock promoter to artificially inflate Anavex’s share price; and (2) as a result of the foregoing, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Anavex shares, you may move the Court no later than February 29, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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