Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of shareholders of Annovis Bio, Inc. who purchased shares between May 21, 2021 and July 28, 2021.
Annovis and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 28, 2021, post-market, the Company disclosed that interim clinical data from the Phase 2a trial of its lead compound, ANVS401 (Posiphen), failed to show statistically significant improvement compared to placebo in AD patients 25 days after treatment and, although patients showed cognitive improvements in certain areas, the results were not statistically significant.
On this news, shares of Annovis plummeted $65.94, or 60%, to close at $43.50 per share on July 29, 2021, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until October 18, 2021 to request that the court appoint them lead plaintiff.