HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, recalls Cassava Sciences, Inc. (SAVA) Investors of Securities Class Action, encourages investors with losses to contact firm lawyers
SAN FRANCISCO, CA / ACCESSWIRE / September 8, 2021 / Hagens Berman urges Cassava Sciences, Inc. (NASDAQ: SAVA) investors with significant losses at submit your losses now.
Class period: Sep 14, 2020 – Aug 27, 2021
Lead applicant’s deadline: October 26, 2021
Contact a lawyer now:[email protected]
Cassava Sciences, Inc. (SAVA) Class Action Against Securities Fraud:
The complaint alleges that the defendants made false and misleading statements and failed to disclose that the quality and integrity of the scientific data supporting the company’s claims of effectiveness for its Alzheimer’s disease drug (simufilam) were overestimated and biased.
Specifically, the defendants (1) mistakenly claimed that the results of an interim analysis of simufilam demonstrated that the patients’ cognitive and behavioral scores both improved after six months of treatment with simufilam, and (2) touted an FDA meeting they said supported the green light for a Phase 3 trial starting in the second half of 2021
The truth began to emerge on August 24, 2021, when reports surfaced that a citizen petition was submitted to the FDA asking the FDA to stop all ongoing studies with simufilam while the agency verifies the data the company has submitted so far. The petition raises serious concerns about the quality and integrity of laboratory studies surrounding this drug candidate. The petition further identified “errors and anomalies” in the data “of sufficient frequency and magnitude to strongly suggest scientific misconduct.”
On August 25, 2021, Cassava attempted to blame another company (Quanterix) and said that Quanterix generated the Alzheimer’s disease patient data that was presented at the recent Alzheimer’s Association International Conference ( “AAIC”).
These events caused the cassava common stock price to fall by $ 46.98, or nearly 40%, on August 26, 2021.
Then, on August 27, 2021, Quanterix revealed that Cassava provided it with the data for the tests, neither Quanterix nor its employees interpreted the results, and neither provided the Cassava data tables presented to AAIC.
“We focus on investor losses and prove that Cassava manipulated the clinical data for simufilam,” said Reed Kathrein, Hagens Berman’s partner who is leading the investigation.
If you have invested in cassava and have significant losses, or have knowledge that can help the business investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Those with non-public information regarding cassava should consider their options to assist with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or send an email to [email protected]
About Hagens Berman
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THE SOURCE: Hagens Berman Sobol Shapiro LLP
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