SAN FRANCISCO, CA / ACCESSWIRE / September 17, 2021 / Hagens Berman is advising investors of the following publicly traded companies and urging investors who have suffered significant losses to contact the company. Further details on the cases, including important upcoming deadlines, can be found at the links provided.
SAVA Investors Click here.
SESN Investors Click here.
WDH Investors Click here.
Cassava Sciences, Inc. (NASDAQ: SAVA) Securities Fraud Class Action:
Class period: Sep 14, 2020 – Aug 27, 2021
Lead applicant’s deadline: October 26, 2021
Contact a lawyer now:SAVA@hbsslaw.com
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 partner 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.
Sesen Bio, Inc. (NASDAQ: SESN) Securities Fraud Class Action:
Class period: Dec 21 2020 – August 17, 2021
Lead applicant’s deadline: October 18, 2021
Contact a lawyer now:SESN@hbsslaw.com
The complaint alleges that the defendants distorted clinical trial data for Sesen’s lead product candidate, Vicineum, for the treatment of certain non-muscle invasive bladder cancers.
Specifically, the defendants concealed that: (1) the company’s clinical trial for Vicineum had more than 2,000 protocol violations, including 215 classified as “major,” (2) three of the company’s clinical investigators have been found guilty of “serious non-compliance” including backdating data, (3) the company submitted corrupt data for Vicineum to the FDA, (4) the company’s clinical trials showed that Vicineum was infiltrating in the body and caused serious side effects and increased risk of fatal liver damage.
The truth began to emerge on August 13, 2021, when Sesen announced that the FDA did not approve the BLA in its current form and was looking for additional clinical / statistical data.
Then, on August 16, 2021, the company revealed that it needed to conduct an additional clinical trial to provide the FDA with additional efficacy and safety data.
Finally, on August 18, 2021, STAT published an article titled “Sesen Bio Trial of Anti-Cancer Drug Marked by Misconduct and Worrisome Side Effects, Says Documents”. STAT cited hundreds of pages of internal documents and three people familiar with the matter reported that the clinical trial of Vicineum “was marked by thousands of study rule violations, damning conduct by investigators, and worrying signs of toxicity that the company has not publicly disclosed “.
These events caused the price of Sesen shares to fall sharply.
“We are focusing on the losses of the investors and proving that Sesen lied to them about the prospects for Vicineum,” said Reed Kathrein, the Hagens Berman partner who is leading the investigation.
If you have invested in Sesen and have suffered significant losses, or have knowledge that may assist the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Waterdrop Inc. (NYSE: WDH) Class action in securities:
Class period: May 4, 2021 – Sep 14, 2021
Lead applicant’s deadline: November 15, 2021
Contact a lawyer now:WDH@hbsslaw.com
The lawsuit alleges that the defendants made false statements and omissions in Waterdrop’s initial public offering documents in May 2021, which allowed Waterdrop to raise $ 360 million in gross proceeds.
Specifically, the defendants failed to disclose that: (i) Waterdrop had increased his income through illicit methods; (ii) PRC regulators ordered Waterdrop to shut down its self-help platform; (iii) Waterdrop’s operating losses had increased significantly due to the cessation of its self-help business and the rapid growth in customer acquisition costs; and (iv) Waterdrop was under investigation for continuing violations of Chinese law.
The truth began to emerge on June 17, 2021, when Waterdrop reported disappointing first quarter 2021 financial results (that is to say, the neighborhood before IPO). The Company revealed that its operating expenses had swelled by 75%, largely due to the cessation of its self-help business and the growth in customer acquisition costs.
Then, on August 11, 2021, several news outlets reported that regulators in the PRC had ordered insurance companies to cease inappropriate marketing and pricing practices. Bloomberg reported “[r]Regulators have since decided to shut down some operations, including self-help healthcare platforms operated by Waterdrop. “
Finally, on September 8, 2021, Waterdrop announced that its operating losses for the second quarter of 2021 continued to accelerate, again attributing the dismal results to a whopping 160% increase in operating costs and expenses over the previous year. second quarter 2020.
On September 13, 2021, the Waterdrop ADS price closed at $ 3.01, which is about 75% lower than the IPO price of $ 12.00.
“We focus on investor losses and prove that Waterdrop’s IPO documents concealed known regulatory risks and unfavorable business trends,” said Reed Kathrein, Hagens Berman’s partner at the head of the investigation.
If you have invested in Waterdrop, or have knowledge that can assist the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Those with non-public information regarding Cassava, Sesen, and / or Waterdrop 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, SESN@hbsslaw.com and / or WDH@hbsslaw.com.
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About Hagens Berman
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Reed Kathrein, 844-916-0895
THE SOURCE: Hagens Berman Sobol Shapiro LLP
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