Shareholders with $500,000 losses or more are encouraged to contact the firm
LOS ANGELES, July 01, 2022 (GLOBE NEWSWIRE) —
Glancy Prongay & Murray LLP
(“GPM”) reminds investors of the upcoming
July 12, 2022
deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Axsome Therapeutics, Inc. (“Axsome” or the “Company”) (NASDAQ:
AXSM
) securities between
December 30, 2019 and April 22, 2022
, inclusive (the “Class Period”).
If you suffered a loss on your Axsome investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at
www.glancylaw.com/cases/axsome-therapeutics-inc/
. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at
[email protected]
to learn more about your rights.
On November 5, 2020, Axsome released its third quarter 2020 results, disclosing that the Company’s previous plan to submit a New Drug Application (“NDA”) for its migraine treatment AXS-07 in the fourth quarter of 2020 had been postponed to the first quarter of 2021 to “allow for inclusion of supplemental manufacturing information to ensure a robust submission package.”
On this news, Axsome’s stock fell $5.22, or 7%, to close at $69.51 per share on November 5, 2020, thereby injuring investors.
Then, on April 25, 2022, Axsome disclosed that the Company had been informed by the U.S. Food and Drug Administration (“FDA”) that chemistry, manufacturing, and control (”CMC”) issues “identified during the FDA’s review of the Company’s [NDA] for its AXS-07 product […] are unresolved.”
On this news, Axsome’s stock fell $8.60, or 22%, to close at $30.50 per share on April 25, 2022, thereby injuring investors further.
Then, on May 2, 2022, Axsome announced that it received a Complete Response Letter from the FDA, citing “the need for additional CMC date pertaining to the drug product and manufacturing process.”
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Axsome’s CMC practices were deficient with respect to AXS-07 and its manufacturing process; (2) as a result, Axsome was unlikely to submit the AXS-07 NDA on its initially represented timeline; (3) the foregoing CMC issues remained unresolved at the time that the FDA reviewed the AXS-07 NDA; (4) accordingly, the FDA was unlikely to approve the AXS-07 NDA; (5) as a result of all the foregoing, Axsome had overstated AXS-07’s regulatory and commercial prospects; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Axsome securities during the Class Period, you may move the Court no later than
July 12, 2022
to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
[email protected]
, or visit our website at
www.glancylaw.com
. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com
