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Lawsuit filed in effort to Recover Losses for certain Investors in shares of Cassava Sciences, Inc. (NASDAQ: SAVA)

02-22-2024 06:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Cassava Sciences, Inc. (NASDAQ: SAVA) shares over alleged securities laws violations

A lawsuit was filed on behalf of investors in Cassava Sciences, Inc. (NASDAQ: SAVA) shares over alleged securities laws violations

An investor, who purchased shares of Cassava Sciences, Inc. (NASDAQ: SAVA), filed a lawsuit over alleged violations of Federal Securities Laws by Cassava Sciences, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Cassava Sciences, Inc. (NASDAQ: SAVA) have certain options and for certain investors are short and strict deadlines running. Deadline: April 2, 2024. Cassava Sciences, Inc. (NASDAQ: SAVA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Austin, TX based Cassava Sciences, Inc., a clinical stage biotechnology company, develops drugs for neurodegenerative diseases. Cassava Sciences' lead therapeutic drug candidate is PTI-125 (or "simufilam"), a small molecule drug for the proposed treatment of Alzheimer's disease.

In March 2020, Cassava Sciences, Inc initiated a long-term, open-label study to evaluate the long-term safety and tolerability of simufilam 100 mg twice daily for 12 or more months in patients with Alzheimer's disease and to assess exploratory efficacy endpoints, such as changes in cognition, and biomarkers.

Then, in August 2021, a Citizen Petition requested the United States Food & Drug Administration ("FDA") to halt any phase 3 trials of simufilam due to concerns regarding data manipulation. Specifically, the Citizen Petition referenced "grave concerns about the quality and integrity of the laboratory-based studies surrounding this drug candidate and supporting the claims for its efficacy."

However, in response, Cassava Sciences, Inc denied the allegations in the Citizen Petition and instead touted the effectiveness of simufilam and the efficacy of the Company's research programs. Indeed, in a press release published shortly after the FDA received the Citizen Petition, Cassava stated that "[t]he Company stands behind its science, its scientists and its scientific collaborators." Thereafter, Cassava continued to maintain its defense of simufilam even as criticisms of simufilam were revealed from additional sources and academic journals such as Neurobiology of Aging and the Journal of Neuroscience issued "expressions of concern" regarding the efficacy of the drug.

On April 18, 2022, The New York Times published an article entitled "Scientists Question Data Behind an Experimental Alzheimer's Drug." The article addressed Cassava Sciences' experimental Alzheimer's drug, simufilam, and reported that one of Cassava Sciences' advisers, Dr. H.Y. Wang, had five papers he authored retracted from the scientific journal PLoS One after an in-depth investigation revealed "serious concerns about the integrity and the reliability of the results."

On October 12, 2023, the peer-reviewed academic journal Science reported that Professor Hoau-Yan Wang ("Dr. Wang"), a City University of New York researcher associated with the research program for simufilam, had been investigated by university officials for possible data manipulation. Although the investigative committee did not have access to the raw data at issue and thus was unable to confirm that data manipulation had occurred, members made their conclusion based on "long-standing and egregious misconduct in data management and record keeping by Dr. Wang" and "found evidence highly suggestive of deliberate scientific misconduct" by Dr. Wang.

Shares of Cassava Sciences, Inc. (NASDAQ: SAVA) declined to as low as $12.37 per share on October 16, 2023.

The plaintiff claims that between August 18, 2022 and October 12, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that the Company failed to maintain adequate and effective data management controls and procedures related to its drug research programs, that as a result, the data published in support of simufilam were susceptible to manipulation to overstate the drug's effectiveness, that accordingly, Cassava had misrepresented the efficacy of its research programs and the clinical and/or commercial prospects of simufilam, that all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Cassava Sciences, Inc. (NASDAQ: SAVA) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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