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Anavex Life Sciences Corp (NASDAQ: AVXL) Investor Securities Class Action Lawsuit 12/30/2015

  • If you purchased shares of Anavex Life Sciences Corp (NASDAQ: AVXL), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Anavex Life Sciences Corp.
Security
NASDAQ: AVXL

Case Name
Anavex Life Sciences Shareholder Class Action Lawsuit 12/30/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 29, 2017 - The Court of Appeals agreed with the court's decision and dismissed the case.

January 27, 2017 -  A notice of appeal was filed.

December 29, 2016 - The court granted defendants' motion to dismiss.

June 13, 2016 - A motion to dismiss the amended complaint was filed.

May 13, 2016 - An amended consolidated complaint was filed.

December 30, 2015 - An investor in shares of Anavex Life Sciences Corp (NASDAQ: AVXL) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Anavex Life Sciences Corp in connection with certain allegedly false and misleading statements made between May 17, 2013 and December 28, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Anavex Life Sciences Corp (NASDAQ: AVXL) common shares between May 17, 2013 and December 28, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 17, 2013 and December 28, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Anavex Life Sciences Corp had used a paid stock promoter to artificially inflate the Company’s share price and that as a result of the foregoing, Anavex Life Sciences Corp’s public statements were materially false and misleading at all relevant times.

On December 29, 2015, pre-market, Anavex Life Sciences Corp (NASDAQ: AVXL) disclosed that it had received a subpoena from the U.S. Securities and Exchange Commission(“SEC”) on December 22, 2015. Anavex Life Sciences Corp stated, in part, that [t]he Company believes the subpoena and investigation relate to the recent unusual activity in the market for the Company's shares. Shares of Anavex Life Sciences Corp (NASDAQ: AVXL) declined on December 31, 2015, to $4.60 per share.