Initial Lawsuit
First Complaint - 05/13/2022This is a federal securities class action on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired Axsome securities between December 30, 2019 and April 22, 2022, both dates inclusive.
- Filing Date
05/13/2022 - Class Period
12/30/2019 to 04/22/2022 - Transgression
Securities Violation - Filing Firms
Pomerantz LLP
The Schall Law Firm - Case Title
Gru v. Axsome Therapeutics, Inc. et al - Docket Number
1:22-cv-03925 - Court
New York Southern District Court - Free File
Complaint
Allegations
According to the complaint, 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 allegedly failed to disclose to investors that:
(i) Axsome’s chemistry, manufacturing, and control (CMC) practices were deficient with respect to AXS-07 and its manufacturing process;
(ii) as a result, Axsome 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 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, Axsome 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.
Defendants
- Company
Axsome Therapeutics, Inc. - Chief Executive Officer
Herriot Tabuteau, M.D. - Chief Financial Officer
Nick Pizzie - Chief (Other)
Mark Jacobson - Other
Cedric O’Gorman - Executive Vice President
Kevin Laliberte
