SHAREHOLDER ALERT: Robbins LLP Investigates Annovis Bio, Inc. (ANVS) for Misleading Shareholders
SAN DIEGO--(BUSINESS WIRE)--$ANVS #alzheimersdisease--Shareholder rights law firm Robbins LLP is investigating Annovis Bio, Inc. (NYSE: ANVS) to determine whether certain Annovis officers and directors violated the Securities Exchange Act of 1934. Annovis is a clinical stage pharmaceutical company. Its lead compound is ANVS401 (Posiphen), which purportedly inhibited the synthesis of neurotoxic proteins that are the main cause of neurodegeneration.
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Annovis Bio, Inc. (ANVS) is Accused of Materially Misrepresented the Outcome of its ANVS401 Clinical Trials
According to a class action complaint filed on behalf of purchasers of Annovis between May 21, 2021 and July 28, 2021, Annovis misrepresented the outcome of two of its Phase 2a clinical trials for ANVS401. One trial, conducted in collaboration with the Alzheimer's Disease Cooperative Study, examines 24 early Alzheimer's disease patients. The second trial, examines both Alzheimer's (14) and Parkinson's patients (54). On May 21, 2021, Annovis touted the positive results of its ANV401 clinical trials, noting improvements in the ANVS401-treated group compared to placebo group. Further, the Company stated, "Patients treated with ANVS401 for 25 days showed statistically significant cognitive improvement as measured by the Alzheimer's Disease Assessment Scale-Cognitive Subscale 11." The positive statements caused the Company's stock to skyrocket from $26.40 per share on May 20, 2021, to $60 per share on May 21, 2021.
On July 28, 2021, Annovis reported interim clinical data from its Phase 2a trial. Contrary to its previous reports, the Company revealed that Alzheimer's 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, and has continued to decline.
Annovis Bios, Inc. (ANVS) shareholders have legal options. If you own shares of Annovis Bio, Inc. contact us to learn more about your rights.
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