Anavex Life Sciences Corp. (AVXL) Shares Tank After Pomerantz Law Files Class Action Lawsuit Against Company


Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) are down big this morning after Pomerantz Law Firm announced that they have filed a class action lawsuit against Anavex Life Sciences Corp. (NASDAQ:AVXL) and some of their officers.

The “class” includes anyone who purchased shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) between May 17, 2013 and December 28, 2015, and the lawsuit looks to recoup damages against the company and officers for alleged violations of the Securities Exchange Act of 1934. Full details of the filing can be found via the Pomerantz Law website.

It shoudld be interesting to follow this story and see how the company responds. The stock is down 9.45% or $0.52 following the news, hitting $4.98 per share. Approximately 1.46 million shares traded hands. avxl shares have risen 6.00% since December 1, 2015 and are currently uptrending. It has outperformed the S&P500 by 8.12%.

Anavex Life Sciences Corp., a clinical stage biopharmaceutical company, engages in the development of drug candidates for the treatment of AlzheimerÂ’s disease, other central nervous system diseases, pain, and various cancers. The companyÂ’s lead drug candidates include ANAVEX 2-73 and ANAVEX PLUS, a combination of ANAVEX 2-73 with donepezil, which is in a Phase 2a clinical trial for the treatment of AlzheimerÂ’s and other central nervous system diseases. Its preclinical drug candidates include ANAVEX 3-71, which uses ligands that activate sigma-1 receptors to treat AlzheimerÂ’s disease; ANAVEX 1-41, a sigma-1 agonist that protects nerve cells from degeneration or death; and ANAVEX 1037 for the treatment of prostate cancer. The company was founded in 2006 and is based in New York, New York.