The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Cassava Sciences, Inc. (“Cassava” or “the Company”) (NASDAQ: SAVA) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Cassava announced purportedly positive results from a clinical trial of simufilam for the treatment of Alzheimer’s patients. Despite the Company’s claims, on July 30, 2021, health industry news site STAT published concerns of scientists not affiliated with the study who described the results as “overblown” and “uninterpretable.” On August 18, 2021, a citizen petition was submitted to the FDA calling on the agency to halt ongoing studies of simufilam until such time as the agency could verify the data already submitted by the Company. The petition identifies alleged “errors and anomalies” in the Company’s data “of a sufficient frequency and magnitude to strongly suggest scientific misconduct.” Based on this news, shares of Cassava fell by more than 31% on August 25, 2021.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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