Recent Security Class Actions

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”).

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 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”).

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”).

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”).

According to the Complaint, Snowflake Inc. is a data cloud platform that enables customers to consolidate data into a single source build data-driven applications and share data.The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Snowflake had systematically oversold capacity to customers which created a misleading appearance of the demand for Snowflake’s products and services; (ii) Snowflake had provided significant discounts to its customers prior to its initial public offering (“IPO”) that temporarily boosted sales but would not be sustainable after the IPO and/or necessitate platform efficiency adjustments that negatively impacted client consumption and Snowflake’s revenue and profit margins; (iii) as a result, Snowflake’s customers were poised to roll over a material amount of unused credits (and thereby cannibalize future sales) at the end of their contracts’ terms or to refuse to renew their contracts at prior consumption levels or at all; and (iv) consequently, Snowflake’s product revenue and remaining performance obligations had been artificially inflated leading up to and during the Class Period.

On February 29, 2024, Snowflake 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 investors who purchased Snowflake Class A common stock between September 16, 2020 and March 2, 2022, both dates inclusive (the “Class Period”).