Recent Security Class Actions

On March 15, 2024, Innoviz Technologies Ltd. was sued for violations of the federal securities laws in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired Innoviz securities between April 21, 2021 and February 28, 2023, both dates inclusive (the “Class Period”).

On March 13, 2024, Anavex Life Sciences Corporation was sued for violations of the federal securities laws in the United States District Court for the Southern District of New York on behalf of investors who who purchased or
otherwise acquired Anavex stock between February 1, 2022 and January 1, 2024, inclusive (the “Class Period”).

According to the Complaint, Anavex Life Sciences Corporation investigates, manufactures, and markets pharmaceuticals for central nervous system (CNS) disorders. Anavex's primary product is blarcamesine (Anavex 2-73). Anavex has sponsored several research studies concerning blarcamesine's suitability to treat various CNS disorders. One such disorder Anavex has investigated is Rett syndrome, a neurodevelopmental disorder affecting primarily females.

Prior to the start of the Class Period, Anavex sponsored the Avatar Phase II and III ("Avatar") clinical trials which investigated blarcamesine's suitability as a treatment for adults with Rett syndrome.

Until January 15, 2022, Defendants represented Anavex would use particular primary and secondary research outcomes for its Avatar study about adult Rett syndrome. On February 1, 2022, the Company released its Avatar study results. The actual methods and outcomes used to analyze the Avatar study were different from those previously announced. Analysts critiqued these methods as being unusual and not clinically validated.

This is a federal securities action on behalf of all persons who purchased or otherwise acquired Anavex stock between February 1, 2022 and January 1, 2024, inclusive (the "Class Period"), against Anavex and certain of its officers and/or directors for violations of the Securities Act of 1934. The Complaint alleges that Defendants violated Section 10(b) of the 1934 Act by failing to disclose pertinent information relevant to the Company or, alternatively, providing information about the Company which was misleading or deceptive.

According to the Complaint, iRobot Corporation designs, builds, and sells robots and home innovation products in the U.S., Europe, the Middle East, Africa, Japan, and internationally. The Company is primarily known for its robot vacuum cleaner (“RVC”) products sold under the “Roomba” brand name. In August 2022, iRobot and Amazon.com, Inc., which sells iRobot's RVCs on its online marketplace, announced their entry into a definitive merger agreement, pursuant to which Amazon would "acquire iRobot for $61 per share in an all-cash transaction valued at approximately $1.7 billion."On November 27, 2023, the European Commission announced that it "has informed Amazon of its preliminary view that its proposed acquisition of iRobot may restrict competition in the market for [RVCs]." In particular, the EC advised that, "[a]s a result of [its] in-depth investigation, the [EC] is concerned that Amazon may restrict competition in the European Economic Area (‘EEA')-wide and/or national markets for RVCs, by hampering rival RVC suppliers' ability to effectively compete."On January 29, 2024, Amazon and iRobot announced their entry "into a mutual agreement" to terminate the previously announced Merger. The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Merger would place Amazon in a sufficiently dominant position in the market for RVCs that U.S. and European antitrust regulators were unlikely to approve the Merger; (ii) iRobot had conducted inadequate due diligence into the Merger and/or ignored significant risks weighing against the likelihood of regulatory approval; (iii) as a result of all the foregoing, iRobot overstated the likelihood for successfully completing the Merger; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

On March 8, 2024, iRobot Corporation was sued for violations of the federal securities laws in the United States District Court for the District of New Jersey on behalf of investors who purchased or otherwise
acquired iRobot securities between August 5, 2022 and January 26, 2024, both dates inclusive (the “Class Period”).

On March 5, 2024, Lyft, Inc. was sued for violations of the federal securities laws in the United States District Court for the Northern District of California on behalf of on behalf of a “Class” of all persons who purchased or otherwise acquired Lyft common shares on a U.S. open market during the class period February 13, 2024 at 4:05 p.m. through February 13, 2024 at 4:51 p.m. (the “Class Period”).

According to their 2022 Annual Report, Lyft, Inc. is one of the largest multimodal transportation networks in the United States and Canada. In 2012 it launched its peer-to-peer marketplace for on-demand ridesharing.According to the Complaint, Lyft released its year-end and fourth quarter 2023 operating results in a press release after the close of the market on February 13, 2024. The press release was also filed with the SEC as an exhibit to a Form 8-K. The Lyft press release and Supplemental Data misrepresented in a bulleted line item that Lyft anticipated “Adjusted EBITDA margin expansion (calculated as a percentage of Gross Bookings)of approximately 500 basis points year-over-year.” In fact, Lyft only anticipated a 50 basis point margin expansion. The Complaint alleges that the misrepresentation with respect to margins was material and caused Lyft common stock to trade at an artificially high price. The Complaint further alleges that Defendants knew that many if not most of the shares that traded in the aftermarket were shorts that were covering their positions and therefore were motivated not to move promptly to correct the press release and that the presence of the large short position had a negative impact on the Individual Defendants’ ability to earn stock-based performance bonuses.

On March 4, 2024, RealNetworks, Inc. was sued for violations of the federal securities laws in the United States District Court for the Western District of Washington on behalf of on behalf of the former minority shareholders of RealNetworks against RealNetworks and the former members of its Board of Directors (the “Board”),1 including Robert Glaser (“Glaser”), the Company’s Founder, Chairman, Chief Executive Officer and largest shareholder, for their violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78n(e) and § 78t(a). Plaintiff’s claims arise in connection with the acquisition of the Company (the “Transaction”) by Glaser and Glaser’s investment entities Greater Heights LLC (“Parent”) and Greater Heights Acquisition LLC (“Merger Sub” and, together with Glaser and Parent, the “Glaser Parties”).

According to the Complaint, RealNetworks, Inc. is a technology Company that was instrumental in creating the streaming media category in the mid-1990s and is involved in numerous lines of technology-related business today.On July 28, 2022, the Company announced it had signed a definitive agreement to sell the Company to its CEO for $0.73 per share for each share of Company stock that the CEO did not already own. At the time, the Company had over 47 million shares of common stock issued and outstanding and the CEO owned approximately 39% of the outstanding shares of RealNetworks’s stock. The Transaction closed on December 21, 2022. The Complaint alleges that Defendants solicited stockholder approval of the Transaction by causing the filing of the materially misleading Proxy, which omitted material information that was required to be disclosed to RealNetworks’s shareholders to enable them to cast an informed vote with respect to the Transaction.

On March 1, 2024, Ventyx Biosciences, Inc. was sued for violations of the federal securities laws in the United States District Court for the Southern District of California on behalf of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Ventyx common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about October 21, 2021 (the “IPO” or “Offering”); and/or (b) Ventyx securities between October 21, 2021 and November 6, 2023, both dates inclusive (the “Class Period”).