Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Anavex Life Sciences Corp. (AVXL) Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Anavex Life Sciences Corp. (“Anavex” or the “Company”) (NASDAQ: AVXL) securities between February 1, 2022 and January 1, 2024, inclusive (the “Class Period”). Anavex investors have until May 13, 2024 to file a lead plaintiff motion.

If you suffered a loss on your Anavex investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Anavex-Life-Sciences-Corp-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On January 2, 2024, Anavex announced results from a Phase 2/3 EXCELLENCE Clinical Study in Pediatric Rett Syndrome, reporting that the “co-primary endpoint . . . was not met.” The Company blamed deficiencies in the study on “large placebo effect which may have masked the compound’s therapeutic effect,” despite no evidence to support that claim.

On this news, Anavex’s stock price fell $3.26, or 35%, to close at $6.05 per share on January 2, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) suggested it was going to use particular endpoint and research methods known to the public in advance; (2) When the Company changed those methods last-minute during the Avatar research program, it promised investors it would keep those newly-adopted endpoints and methods; (3) It likewise abandoned those endpoints when it released the Excellence study data; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Anavex securities during the Class Period, you may move the Court no later than May 13, 2024 to ask the Court to appoint you 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 Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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