The Anavex class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

• Anavex lacked adequate internal controls; 
• Anavex understated its potential regulatory challenges as a result of misconduct by former CEO Christopher Missling; and
• As a result, defendants’ statements about Anavex’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Announcement of Special Committee

• On May 6, 2026, Anavex filed a current report on Form 8-K with the United States Securities and Exchange Commission (“SEC”), allegedly stating that “[o]n April 30, 2026, a special committee (the “Special Committee”) composed of independent directors of the Board of Directors (the “Board”) of Anavex Life Sciences Corp. (the “Company”) terminated the employment of Christopher Missling, PhD as the Company’s Chief Executive Officer for Cause (as defined in the Employment Agreement, dated as of June 27, 2013, between Dr. Missling and the Company, as amended and restated), effective immediately, for, among other things, conduct that the Special Committee believed was inconsistent with Company policy.” 
• On this news, the price of Anavex stock declined nearly 1%, according to the Anavex class action lawsuit.

Unable to Timely File Form 10-Q

• On May 11, 2026, after market hours, Anavex filed with the SEC a notification of late filing on Form 12b-25, allegedly stating that Anavex was “unable to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026,” due in part to Anavex’s internal review of “certain matters related to the termination of Dr. Missling.” 
• On this news, the price of Anavex stock fell nearly 6%, according to the Anavex class action lawsuit.

Material Weakness over Internal Controls

• On August 28, 2026, after market hours, Anavex filed with the SEC an amended annual report on Form 10-K/A for the fiscal year ended September 30, 2025, allegedly disclosing in part that “[a]s a result of the review by the Special Committee, management, in consultation with the Audit Committee of the Board (the “Audit Committee”), concluded that there was a material weakness in internal control over financial reporting that existed at September 30, 2025,” and that Anavex’s “disclosure controls and procedures were not effective as of September 30, 2025, due to the material weakness in internal control over financial reporting as described above.” 
• That same day, Anavex allegedly filed with the SEC its quarterly reports for the periods ending March 31, 2026 and June 30, 2026, which both contained the following disclosure: “[f]ollowing the previously disclosed termination of our former CEO in April 2026, management has determined that our disclosure controls and procedures and our internal controls over financial reporting were not effective as of September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026.” 
• On this news, the price of Anavex stock declined more than 6%, according to the Anavex class action lawsuit.