SAN FRANCISCO, Oct. 24, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Cassava Sciences, Inc. (NASDAQ: SAVA) investors with significant losses to submit your losses now.
|Class Period: Sept. 14, 2020 – Aug. 27, 2021|
|Lead Plaintiff Deadline: Oct. 26, 2021|
|Contact An Attorney Now:||SAVA@hbsslaw.com|
Cassava Sciences, Inc. (SAVA) Securities Fraud Class Action:
The complaint alleges that Defendants made false and misleading statements and omissions concerning Cassava’s Alzheimer’s drug (simufilam).
Specifically, Defendants falsely (1) claimed that results from an interim analysis of simufilam demonstrated that patients’ cognition and behavior scores both improved following six months of treatment, and (2) touted an FDA meeting that supported green-lighting a Phase 3 trial beginning in the second half of 2021.
The truth began to emerge on Aug. 24, 2021, when reports surfaced that a citizen petition was submitted to the FDA asking the FDA to halt all ongoing studies of simufilam. The petition raised serious concerns about the quality and integrity of the laboratory-based studies surrounding this drug candidate. The petition further identified “errors and anomalies” in the data “of a sufficient frequency and magnitude to strongly suggest scientific misconduct.”
On Aug. 25, 2021, Cassava tried to blame another company (Quanterix) for generating the data from Alzheimer’s patients.
On Aug. 27, 2021, Quanterix responded by stating that Cassava provided it with the data for testing, and neither Quanterix nor its employees interpreted the results.
Most recently, on Sept. 13, 2021, STAT observed that Cassava’s CEO’s presentation at an analyst conference that morning constituted a noteworthy shift away from defending against charges of data fabrication to arguing simufilam is “safe.”
“We’re focused on investors’ losses and proving Cassava manipulated clinical data for simufilam,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Cassava and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Cassava should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SAVA@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895