Annovis Bio Inc (NYSEAMERICAN: ANVS), Cassava Sciences Inc (NASDAQ: SAVA), Honest Company Inc (NASDAQ: HNST), And Hyzon Motors Inc (NASDAQ: HYZN) are reportedly in for tough days ahead. The four companies are under the legal scanner as class action lawsuits are filed against them. As a result, law firm Bragar Eagel & Squire, P.C., has sent a reminder to the stakeholder of the four companies.
Annovis Bio Inc’s share fell more than 50% despite heavy trade volumes
Annovis Bio Inc has its lead plaintiff deadline, which is October 18, 2021. However, it is learned that the class period is between May 21 2021, and July 28, 2021. In addition, the group reported statistically not significant and unfavorable results from one of its recently conducted clinical trials. This news brought the share value of the company tumbling. On an unfaithful day, the stock slumped 60%, despite the market witnessing heavy trade volumes.
Cassava Sciences, Inc. states that claims made against the group’s scientific findings are wrong
Cassava Sciences, Inc. went on record to state that the claims made against the group’s scientific findings are wrong and baseless. It is learned that in a petition filed, the company is accused of medical wrongdoings. However, the group finally broke its silence on the citizen petition, reportedly submitted to the U.S. Food and Drug Administration. Cassava Sciences, Inc stated that the clinical data in question was declared effective by an independent company named Quanterix Corp, who also recommended that the re-analysis are valid.
The Honest Company, Inc. sells close to 26 million shares of common stock as part of IPO
The Honest Company, Inc. recently initiated its initial public offering (IPO). As part of the initiative, almost 26 million shares of common stock were sold. Each share was sold for $16.00. In August, nearly two months after issuing its IPO, the group declared its financial results for 2Q 2021. Surprisingly, the company recorded a $20 million net loss for the quarter compared to a net loss of $0.4 million reported during the same quarter of last year. On the day this news was made official, the shares of the group fell 28%
Hyzon Motors Inc. has many professionals from its management team leave the company
In a report that was made official, it came to light that Hiringa was a channel partner mentoring Hyzon Motors Inc. and not a customer. Furthermore, it is learned that several executives from Hyzon Motors Inc. have called it quits from the organisation as they are not happy with the relationship the corporate house shares with its workforce, stakeholders, and customers.
