NEW YORK, September 21, 2021--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired Annovis Bio, Inc. ("Annovis" or the "Company") (NYSE: ANVS) securities from May 21, 2021 through July 28, 2021, inclusive (the "Class Period"). Investors have until October 18, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 ("AD-DS"). 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.
On July 28, 2021, after the market closed, Annovis reported interim clinical data from its Phase 2a trial. Among other things, the Company 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. On this news, the Company’s share price declined by $65.94 per share, or approximately 60.25%, from $109.44 per share to close at $43.50 per share on July 29, 2021.
The lawsuit alleges 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 failed to disclose to investors: (1) that Annovis’ 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, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
If you purchased or otherwise acquired Annovis securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210921006045/en/