Bragar Eagel & Squire, PC Reminds Investors Class Actions Have Been Filed … | Your money
NEW YORK, September 27, 2021 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized law firm, reminds investors that class actions have been filed on behalf of shareholders of Zymergen Inc. ( NASDAQ: ZY), Annovis Bio, Inc. (NYSE: ANVS) and Cassava Sciences, Inc. (NASDAQ: SAVA). Shareholders have until the deadlines below to request the court to act as principal plaintiff. Additional information on each case can be found at the link provided.
Zymergen Inc. (NASDAQ: ZY)
Appeal period: April 2021 IPO
Principal applicant deadline: October 4, 2021
In April 2021, Zymergen completed its IPO, selling approximately 18.5 million common shares at $ 31 per share.
On August 3, 2021, after the market closed, Zymergen released a business update stating that it “has recently become aware of issues with its commercial product pipeline that will impact the delivery schedule and revenue projections. of the society”. Specifically, “Several key target customers have encountered technical issues while implementing Hyaline in their manufacturing processes,” and Zymergen also found that its total addressable market appears to be smaller than expected. As a result, Zymergen “no longer expects product revenue in 2021 and expects product revenue to be intangible in 2022.” The Company also announced the resignation of its CEO, with immediate effect.
Following this news, the company’s stock price fell $ 26.58 per share, or 76%, to close at $ 8.25 per share on August 4, 2021, a decline of nearly 73% compared to the IPO price.
The registration statement was materially false and misleading and failed to state material adverse facts. Specifically, the Defendants failed to disclose to investors: (1) that, during the qualification process for Hyaline, major customers encountered technical issues, including product reduction and incompatibility with customer processes; (2) that while the qualification process was essential in gaining market acceptance for Hyaline and generating revenue, Zymergen lacked visibility into the qualification process; (3) that as a result, the Company overestimated the demand for its products; (4) that due to the foregoing, the timing of delivery of the Company’s products was reasonably likely to be delayed, which in turn would delay revenue generation; and (5) that as a result of the foregoing, the Defendants’ positive statements regarding the activities, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.
For more information on the Zymergen class action lawsuit, visit: https://bespc.com/cases/ZY
Annovis Bio, Inc. (NYSE: ANVS)
Class period: May 21, 2021 to July 28, 2021
Principal Applicant Deadline: October 18, 2021
On July 28, 2021, after the market closed, Annovis published interim clinical data for its phase 2a trial. Among other things, the Company reported that patients with AD 25 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 unusually high trading volume.
The lawsuit filed in this class action 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 society. 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) as a result, the Defendants’ statements regarding its business, operations and prospects were materially false and misleading and / or lacked reasonable basis at all relevant times.
For more information on the Annovis Bio class action lawsuit, visit: https://bespc.com/cases/ANVS
Cassava Sciences, Inc. (NASDAQ: SAVA)
Class period: September 14, 2020 to August 27, 2021
Principal applicant deadline: October 26, 2021
On August 24, 2021, after the market closed, reports were released regarding a citizen petition submitted to the United States Food and Drug Administration (“FDA”) regarding the accuracy and integrity of simufilam clinical data. The petition called on the FDA to stop clinical trials on cassava pending a thorough audit of the publications and data the company relies on.
Among other things, the petition stated that “the detailed analysis of western blots [relied on by Cassava to support the connection between simufilam and Alzheimer’s] shows a series of anomalies that suggest systematic manipulation of the data and misrepresentation. He also said the methodology of the studies “on the effects of Simufilam in experiments conducted on human brain tissue post-mortem.” . . defies logic, and the re-presented data has manipulation characteristics. The petition further stated that after the initial analyzes of the phase 2b trials revealed that simufilam was ineffective in improving the primary endpoint of biomarkers, “cassava had these samples rerun and this time, he reported that simufilam rapidly and robustly improved a wide range of biomarkers “and the reanalysis” shows signs of abnormalities or data manipulation “.
On August 25, 2021, before the market opened, Cassava responded to the petition, claiming that the claims regarding scientific integrity were false and misleading. Among other things, the Company claimed that the clinical data, which the citizen petition said had been reanalyzed to show that simufilam was effective, was generated by Quanterix Corp. (“Quanterix”), an independent company, suggesting that the reanalysis was valid.
On August 27, 2021, before the market opened, Quanterix released a statement denying the company’s claims, stating that it “had not interpreted the test results or prepared the data” touted by Cassava.
On the same day, Cassava responded to Quanterix’s statement, stating that “Quanterix”[s] the sole responsibility with respect to this clinical study was to perform sample testing, in particular to measure p-tau levels in plasma samples taken from study subjects.
Following this news, the Company’s share price fell $ 12.51, or 17.6%, to close at $ 58.34 per share on August 27, 2021, on unusually high trading volume.
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 the data underlying the basic research for the Cassava product candidates had been manipulated; (2) that experiments using postmortem human brain tissue frozen for nearly 10 years were contrary to a basic understanding of neurobiology; (3) that the biomarker analysis for patients treated with simufilam had been manipulated to conclude that simufilam was effective; (4) that Quanterix, an independent company, did not interpret test results or prepare data tables for biomarker analysis for patients treated with simufilam; (5) that due to the above, there was a reasonable likelihood that cassava would be subject to regulatory review as part of the development of simufilam; and (6) that as a result of the foregoing, the Defendants’ positive statements regarding the business, operations and prospects of the Company were substantially misleading and / or lacked reasonable basis.
For more information on the Cassava Sciences class action lawsuit, visit: https://bespc.com/cases/SAVA
About Bragar Eagel & Squire, PC: Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York City, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Past results do not guarantee similar results.