Annovis investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described above, you may no later than October 18, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
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.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; or toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.