ADVERTISEMENT
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

ANVS EQUITY ALERT: Kessler Topaz Meltzer & Check, LLP Announces that a Securities Fraud ...

September 12, 2021 GMT

RADNOR, Pa., Sept. 12, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania against Annovis Bio, Inc. (NYSE: ANVS) (“Annovis”) on behalf of those who purchased or acquired Annovis securities betweeen May 21, 2021 and July 28, 2021, inclusive (the “Class Period”).

Investor Deadline Reminder: Investors who purchased or acquired Annovis securitiesduring the Class Period may,no later than October 18, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; via e-mail atinfo@ktmc.com; or clickhttps://www.ktmc.com/new-cases/annovis-bio-inc-anvs?utm_source=PR&utm_medium=link&utm_campaign=annovis

ADVERTISEMENT

Annovis is a clinical stage pharmaceutical company that is developing therapies addressing neurodegeneration, such as Alzheimer’s disease (“AD”), Parkinson’s disease, 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.

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.

ADVERTISEMENT

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.

Annovis investors may, no later than October 18, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a 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. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com