Axsome Therapeutics, Inc. (AXSM)
Bronstein, Gewirtz & Grossman, LLC a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Axsome Therapeutics, Inc. (“Axsome” or “the Company”) (NASDAQ: AXSM) and certain of its officers.
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Axsome securities between May 10, 2021 and April 22, 2022, inclusive (the “Class Period”). Such investors are encouraged to join this case.
The Complaint alleges that, 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) the Company’s development of AXS-07 was plagued by CMC problems (including that the Company’s CMO was unable to produce sufficient supply of AXS-07 even for limited clinical trials) that Defendants were required to disclose in the context of discussions of CMC issues or positive disclosures about clinical trial results and assurances as to the filing of, and FDA approval for, the AXS-07 NDA; (ii) as a result, the Company was unlikely to submit the AXS-07 NDA on its initially represented timeline; (iii) these CMC problems remained unresolved after the Company submitted its NDA for AXS-07; (iv) as a result, defendants knew or were severely reckless in not knowing that the FDA would delay or even reject approval of the AXS-07 NDA because of the unresolved material CMC issues.
On the news dated April 25, 2022, Axsome’s stock price plunged $8.60 per share, or 21.99%, to close at $30.50 per share on trading volume that was over 2.7 times the 20-day moving average.
A class action lawsuit has already been filed. You may review a copy of the Complaint. You may also contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Axsome you have until December 7, 2023, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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