San Francisco, Calif .– (Newsfile Corp. – October 5, 2021) – Hagens Berman urges Cassava Sciences, Inc. (NASDAQ: SAVA) investors with large losses submit your losses now.
Class period: Sep 14, 2020 – Aug 27, 2021
Lead applicant’s deadline: October 26, 2021
Contact a lawyer now: SAVA@hbsslaw.com
Cassava Sciences, Inc. (SAVA) Class Action Against Securities Fraud:
The complaint alleges that the defendants made false and misleading statements and omissions regarding Casava’s Alzheimer’s disease drug (simufilam).
Specifically, the defendants (1) falsely 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, and (2) touted an FDA meeting to support 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 had been submitted to the FDA asking the FDA to stop all ongoing studies of simufilam. The petition raised 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) for generating data for patients with Alzheimer’s disease.
On August 27, 2021, Quanterix responded by stating that Cassava provided it with the data for the tests, and neither Quanterix nor its employees interpreted the results.
Most recently, September 13, 2021, STAT observed that Cassava’s CEO presentation at an analysts conference that morning was a notable shift from the defense against data-fabrication accusations to the argument that simufilam is “safe.”
“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 suffered significant losses, or have knowledge that can help the company’s 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 SAVA@hbsslaw.com.
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