NEW YORK (Legal Newsline) – A man is suing a biopharmaceutical company and several of its chief officers over claims it artificially inflated share prices.
Kevin Cortina, individually and for all others similarly situated, filed a class-action lawsuit Dec. 30 in the U.S. District Court for the Southern District of New York against Anavex Life Sciences Corp., CEO Christopher U. Missling, Chief Financial Officer Sandra Boenisch and Principal Executive Officer Athanasios Skarpelos, alleging violations of the Securities Exchange Act.
Cortina and others in the class purchased Anavex securities between May 17, 2013, and Dec. 28, the complaint states.
The suit states that Anavex, traded on the NASDAQ under the ticker symbol AVXL, and the other defendants failed to disclose to investors that Anavex used a paid stock promoter to artificially inflate the company's share price, and, as a result, the company's public statements were false and misleading.
Cortina and others in the class seek damages, interests, attorney fees and other costs of the suit. They are represented by attorneys Jeremy A. Lieberman, J. Alexander Hood II, Marc Gorrie and Patrick V. Dahlstrom of Pomerantz LLP in New York City and Chicago.
U.S. District Court for the Southern District of New York Case number 1:15-CV-10162