Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Anavex securities between May 17, 2013 and December 28, 2015 (the “Class Period”). The case, Cortina v. Anavex Life Sciences Corp et al, No. 1:15-cv-10162 was filed on December 30, 2015, and has been assigned to Judge Jesse Matthew Furman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making misleading statements and failing to disclose that Anavex paid a stock promoter to artificially inflate the share price of the Company.
During premarket on December 29, 2015, Anavex disclosed that the Company received a subpoena from the Securities and Exchange Commission (“SEC”) on December 22, 2015. The Company stated that they believed the subpoena and investigation was in connection with unusual activity in the market for the Company’s shares. As a result of this news, on December 29, 2015, Anavex’s stock fell $0.75 per share to close at $6.28 per share, a 10.6686% drop.
During premarket on December 30, 2015, Seeking Alpha published a report entitled, "Anavex: A Regulatory Target Damaged By Incriminating Evidence." On this news, Anavex stock fell $0.78 to close at $5.50 per share, a 12.4204% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.