NEW YORK, May 19, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Axsome Therapeutics, Inc. (“Axsome” or the “Company”) (NASDAQ: AXSM) in the United States District Court for the Southern District of New York on behalf of investors who purchased Axsome stock between December 30, 2019 and April 22, 2022, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s chemistry, manufacturing, and control (“CMC”) practices were deficient with respect to AXS-07 and its manufacturing process; (ii) as a result, the Company was unlikely to submit the AXS-07 New Drug Application (“NDA”) on its initially represented timeline; (iii) the foregoing CMC issues remained unresolved at the time that the U.S. Food and Drug Administration (“FDA”) reviewed the AXS-07 NDA; (iv) accordingly, the FDA was unlikely to approve the AXS-07 NDA; (v) as a result of all the foregoing, the Company had overstated AXS-07’s regulatory and commercial prospects; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Axsome should contact the Firm prior to the July 12, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
