NEW YORK, March 26, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class actions have been filed on behalf of Hut 8 Corp. shareholders. (NASDAQ: NASDAQ: ), Life Sciences Anavex Corp. (NASDAQ: NASDAQ:) and Innoviz Technologies Ltd. (NASDAQ: INVZ;INVZW). Shareholders have until the deadlines set forth below to petition the court to serve as lead plaintiff. Further information on each case can be found at the link provided.
Hut 8 Corp. (NASDAQ:HUT)
Class period: 9 November 2023 – 18 January 2024
Deadline for lead plaintiff: April 8, 2024
In November 2023, Hut 8 was formed following the merger of Hut 8 Mining Corp. (Legacy Hut) and US Data Mining Group, Inc. d/b/a US Corp. (USBTC) (the Merger). USBTC held a 50% interest in a joint venture bitcoin mining facility, located in King Mountain, Texas (the King Mountain JV), which was acquired in the Merger.
On January 18, 2024, at approximately 10:30 am EST, J Capital Research released a report alleging, among other things, that Hut 8’s merger with USBTC was based on a number of alleged misrepresentations, including ( 1) that USBTC had an undisclosed related party as one of its largest shareholders, (2) that one of USBTC’s core businesses, the King Mountain JV, has historically failed to provide power and high-speed Internet, and (3) that the Company had misreported certain finances of King Mountain JV by failing to account for certain interest expenses. Citing people very familiar with USBTC, the report stated that, without the merger, USBTC would have gone bankrupt and that USBTC was estimated to be worth 70% less than the approximately $745 million Hut 8 paid to acquire it.
On this news, Hut 8’s stock price fell $2.16, or 23.3%, to close at $7.12 per share on January 18, 2024, on unusually high trading volume.
The complaint filed in this class action alleges that during 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: (1) that one of USBTC’s largest shareholders is an undisclosed related party; (2) that USBTC’s primary asset has historically failed to provide power and high-speed Internet; (3) that the profitability of some USBTC businesses was overstated; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Hut 8 class action, please visit: https://bespc.com/cases/HUT
Anavex Life Sciences Corp. (NASDAQ: AVXL)
Class period: 1 February 2022 – 1 January 2024
Deadline for lead plaintiff: May 13, 2024
The complaint alleges that on December 2, 2022, AVXL announced positive top-line results from its ANAVEX ®2-73-AD-004 Phase 2b/3 clinical trial of oral ANAVEX ®2-73 (blarcamesin) for the treatment of cognitive impairment mild (MCI) due to Alzheimer’s disease (AD) and mild AD (collectively known as early AD). ANAVEX ®2-73 met the primary endpoints ADAS-Cog1 and ADCS-ADL2 and the key secondary endpoint CDR-SB3 with statistically significant results. One analyst questioned the Company’s assertion by noting that there are several key factors that lead us to believe the data is provocative, but not yet convincing, given the choice of statistical analyzes and other design/conduct “complexifiers” of studies. Additionally, a biotech journalist commented on AVXL’s results stating [w]What sets Anavex apart from all the other biotech companies on my radar screen is its habit of shifting the goals of clinical trials¦Anavex announced positive results from studies of its drug called blarcamesine” except that the results stemmed from efficacy endpoints that did not original study designs were part of the study.
Following this news, AVXL’s stock price fell $2.47 per share, or approximately 20%, to close at $9.58.
Additionally, on January 3, 2024, AVXL announced that results from the Phase 2/3 EXCELLENCE clinical trial for its candidate ANAVEX ®2-73 in pediatric patients with Rett syndrome failed to show statistical significance across its primary endpoints . Biotechnology analysts commented that the negative outcome of the study was never in doubt. Anavex is a serial dissembler of clinical trial results.
Following this news, AVXL’s stock price fell $3.26 per share, or approximately 35%.
For more information on the Anavex class action go to: https://bespc.com/cases/AVXL
Innoviz Technologies Ltd. (NASDAQ: INVZ;INVZW)
Class period: April 21, 2021 – February 28, 2023
Deadline for lead plaintiff: May 14, 2024
According to the complaint, throughout the class period, defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Innoviz had overstated the benefits the Company was likely to derive from its purported contracts, partnerships and/or collaborations with automotive companies; (ii) as a result, the Company was unlikely to achieve the level of profitability that Defendants had represented to investors; (iii) as a result, Innoviz had overestimated its business and/or financial prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all material times.
For more information on the Innoviz class action, visit: https://bespc.com/cases/INVZ
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives, and other complex disputes in state courts and feds across the country. For more information about the company, visit www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Contact information:
Bragar Eagel and Squire, PC
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com