Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed ...
NEW YORK, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Coinbase Global Inc. (NASDAQ: COIN), Annovis Bio, Inc. (NYSE: ANVS), and Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Coinbase Global Inc. (Nasdaq: COIN)
Class Period: April 14, 2021 IPO
Lead Plaintiff Deadline: September 20, 2021
On May 17, 2021, Coinbase undermined its representations in the Offering Materials that the Company’s existing cash and cash equivalents were sufficient by announcing plans to raise capital via a convertible bond sale. On May 19, 2021, Coinbase revealed technical problems experienced by users on its platform, including “delays…due to network congestion” effecting “those who want to get their money out.”
On this news, the price of Coinbase shares fell $23.44 per share, nearly 10% over two consecutive trading sessions, to close at $224.80 per share on May 19, 2021, thereby injuring investors.
The complaint alleges that the registration statement and prospectus used to effectuate the Company’s Offering were false and misleading and omitted to state that, at the time of the Offering: (1) Coinbase required a sizeable cash injection; (2) Coinbase’s platform was susceptible to service-level disruptions, which were increasingly likely to occur as the Company scaled its services to a larger user base; and (3) as a result of the foregoing, the positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Coinbase class action go to: https://bespc.com/cases/COIN
Annovis Bio, Inc. (NYSE: ANVS)
Class Period: May 21, 2021 to July 28, 2021
Lead Plaintiff Deadline: October 18, 2021
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 fell $65.94, or 60%, to close at $43.50 per share on July 29, 2021, on unusually heavy trading volume.
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 failed to disclose to investors: (1) that 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, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
For more information on the Annovis Bio class action go to: https://bespc.com/cases/ANVS
Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI)
Class Period: December 27, 2018 to August 5, 2021
Lead Plaintiff Deadline: November 1, 2021
On August 6, 2021, Spectrum announced receipt of a Complete Response Letter (“CRL”) from the FDA regarding the ROLONTIS BLA. The CRL cited deficiencies related to manufacturing and indicated that a reinspection of the Company’s manufacturing facility will be necessary.
On this news, Spectrum’s stock price fell $0.70 per share, or 21.54%, to close at $2.55 per share on August 6, 2021.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the ROLONTIS manufacturing facility maintained deficient controls and/or procedures; (ii) the foregoing deficiencies decreased the likelihood that the FDA would approve the ROLONTIS BLA in its current form; (iii) Spectrum had therefore materially overstated the ROLONTIS BLA’s approval prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Spectrum class action go to: https://bespc.com/cases/SPPI
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.