Cassava Sciences, Inc. (SAVA) Securities Fraud Class Action:
The complaint alleges that 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 efficacy for its Alzheimer’s drug (simufilam) were overstated and biased.
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 simufilam treatment, and (2) touted an FDA meeting they stated 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 with simufilam while the agency verifies data the company has submitted so far. The petition raises 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) and said Quanterix generated the data from Alzheimer’s patients that was presented at the recent Alzheimer’s Association International Conference (“AAIC”).
These events sent the price of Cassava common stock plummeting $46.98, or down almost 40%, by Aug. 26, 2021.
Then, on Aug. 27, 2021, Quanterix revealed that Cassava provided it with the data for testing, neither Quanterix nor its employees interpreted the results, and neither provided data charts Cassava presented at the AAIC.
“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 [email protected].
About Hagens Berman
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Reed Kathrein, 844-916-0895
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