NEW YORK, July 30, 2021 /PRNewswire/ -- Prominent investor rights law firm Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") is investigating potential violations of the federal securities laws by Annovis Bio, Inc. ("Annovis" or the "Company") (NYSE American: ANVS).BLB&G is investigating whether Annovis misled investors regarding the efficacy of its Alzheimer's drug, Posiphen.
Annovis is a clinical-stage biotechnology company developing treatments for neurodegenerative diseases. The Company's lead candidate is Posiphen, or ANVS401, an orally administered drug that purportedly inhibits the production of neurotoxic proteins that lead to neurodegeneration. Annovis is currently testing Posiphen in two Phase 2 clinical trials for the treatment of Alzheimer's Disease and Parkinson's Disease.
BLB&G's investigation is focused on whether Annovis misled investors about Posiphen's efficacy in treating patients with Alzheimer's and Parkinson's Diseases.
On July 28, 2021, after the market closed, Annovis reported clinical trial data for Posiphen that failed to show statistical significance in treating Alzheimer's and Parkinson's Disease patients relative to a placebo. On this news, Annovis' stock price declined $65.94 per share, or over 60%.
The investigation is being led by BLB&G partners Avi Josefson and Scott R. Foglietta. Annovis investors who suffered a loss and would like to learn more about our investigation, please contact BLB&G at (212) 554-4444, via e-mail at email@example.com, or through the form on our website at https://www.blbglaw.com/cases-investigations/annovis-bio-inc.
BLB&G is widely recognized worldwide as a leading law firm advising institutional investors on issues related to corporate governance, shareholder rights, and securities litigation. Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity and pioneered the use of the litigation process to achieve precedent-setting governance reforms. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering over $33 billion on behalf of defrauded investors. More information about the firm can be found online at www.blbglaw.com.
This press release may be considered Attorney Advertising under the applicable law and ethics rules of some jurisdictions. Prior results do not guarantee a similar outcome.
Scott R. Foglietta
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, New York 10020
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SOURCE Bernstein Litowitz Berger & Grossmann LLP