SHAREHOLDER ALERT: Law firm Pomerantz reminds shareholders who suffered losses on their investment in Annovis Bio, Inc. of class action and upcoming deadline

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NEW YORK, October 15, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Annovis Bio, Inc. (“Annovis” or the “Company”) (NYSE: ANVS) and certain of its officers. The class action, filed in United States District Court of the Eastern District of Pennsylvania, and registered under 21-cv-04040, is in the name of a category made up of all persons and entities other than the Defendants who have purchased or otherwise acquired Annovis securities between May 21, 2021 and July 28, 2021, inclusive (the “Class Period”). The plaintiff is pursuing actions against the defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

Fighting for victims of securities fraud for over 85 years (PRNewsfoto / Pomerantz LLP)

If you are a shareholder who purchased securities of Annovis during the Class Period, you have up to October 18, 2021 ask the court to appoint you as the principal plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.

[Click here for information about joining the class action]

Annovis is a clinical-stage pharmaceutical company developing therapies for neurodegeneration, such as Alzheimer’s disease (“AD”), Parkinson’s disease (“PD”) and AD in Down syndrome. Its main compound is ANVS401 (Posiphen), an orally administered drug which is said to have inhibited the synthesis of neurotoxic proteins which are the main cause of neurodegeneration.

At all relevant times, the Company was conducting two phase 2a clinical studies. The trial conducted in conjunction with the Alzheimer’s Cooperative Study examines twenty-four patients with early-onset AD, while the AD / PD trial examines fourteen patients with AD and fifty-four patients with Parkinson’s disease. Both are double-blind, placebo-controlled studies and were purportedly designed to measure not only target, but also validation of pathways in the cerebrospinal fluid of patients. Annovis said that if he could show both target and pathway validation in two patient populations, he “thinks[d] this [its] the opportunity to succeed in phase 3 studies is better than if we simply demonstrated the validation of the target in a patient population. “

The complaint alleges that, throughout the Class Period, the Defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects of the Company. Specifically, the defendants failed to disclose to investors: (1) that ANVS401 from Annovis did not show statistically significant results in two patient populations with respect to factors such as referral, judgment and problem solving; and (2) that due to the foregoing, the Defendants’ positive statements regarding the activities, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.

At July 28, 2021, after market closure, Annovis published interim clinical data from its phase 2a trial. Among other things, the Company reported that patients with AD twenty-five days after treatment did not show statistically significant improvement compared to placebo. Annovis also reported that although patients showed cognitive improvements in some areas, the results were not statistically significant.

Following this news, the Company’s share price fell $ 65.94, or 60%, to close at $ 43.50 per share on July 29, 2021, on an unusually high volume of transactions.

The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com

CONTACT:

Robert S. Willoughby
Pomerantz srl
[email protected]
888-476-6529 ext 7980

Cision

Cision

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SOURCE Pomerantz LLP


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