Thursday, December 31, 2015 8:59:04 PM
The truth about subpoenas and securities law suits. Companies that have done absolutely nothing wrong very often receive subpoenas to obtain information about legal proceedings against other unrelated parties. In fact, companies that are cooperating with the party bringing the proceeding request a subpoena first for very good reasons like giving the appearance of being independent, non-biased, confidentiality, etc.
Securities class action lawyers in an attempt to obtain potential cases run adds announcing investigations (NOT BECAUSE THEY THEN KNOW OF ANY OFFENSE) as a means of solicitation and as an attempt to be first in case something appearing actionable might surface. The do this TO OBTAIN A LEAD POSITION IN CASE SOMETHING ACTIONABLE MIGHT SURFACE. THEY ATTEMPT TO BE LEAD COUNSEL OR ON A COMMITTEE WITH LEAD COUNSEL TO CONTROL LITIGATION AND EARN MOST OF THE FEES IF SUCCESSFUL in any case that MAY arise out of the investigation. This "something" might be in relation to some party other than the party receiving the subpoena. Many times even if early lawsuits are filed the suits are dismissed because they have no merit.
If the government really had some real evidence that Anavex had done something wrong, the government would not have served a subpoena. Serving a subpoena on a wrong doer gives that wrong doer an opportunity to destroy or spoil the evidence. The government would have obtained a warrant and seized information from the company.
Therefore, I believe all odds are that this subpoena issue is not the about Anavex corporate entity itself. The truth is that no one on this board knows what it is about. The "investigating" lawyers know nothing about it. The FBI and/or the SEC are not going to disclose anything at this point. It is likely about an investigation of some unknown party -- not the Anavex corporate entity. I believe those that raise the subpoena issue against the company are simply red flag waiving. The subpoena issue is a red herring.
Recent AVXL News
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