Anavex Beats Shareholder Suit Over Clinical Trial Results

Anavex Life Science Corp. defeated a proposed class action over clinical trials for a neurodevelopmental drug after a federal trial court judge ruled a shareholder failed to bring valid securities fraud claims.

Judge Colleen McMahon Wednesday held that only one of the 10 allegedly false statements highlighted in the suit actually cleared the legal bar for alleging falsity. For that single statement, the shareholder bringing the suit failed to tie it to an actual loss, McMahon wrote in an opinion that dismissed with prejudice all claims brought under Section 20(a) of the Securities Exchange Act of 1934.

The proposed securities ...