SAN FRANCISCO, CA / ACCESSWIRE / September 6, 2021 / Hagens Berman calls on Cassava Sciences, Inc. (NASDAQ: SAVA) Investors with significant losses, file your losses now.
School lesson: Septum. August 14, 2020 27, 2021
Deadline of the main plaintiff: Oct 26, 2021
Contact a lawyer now:SAVA@hbsslaw.com
Cassava Sciences, Inc. (SAVA) class action lawsuit for securities fraud:
The complaint alleges that defendants made false and misleading statements and failed to disclose that the quality and integrity of the scientific data in support of the company’s claims about the effectiveness of its Alzheimer’s drug (Simufilam) were overstated and biased.
In particular, defendants falsely claimed (1) that the results of an interim analysis of simufilam showed that patients’ cognitive and behavioral scores improved after six months of simufilam treatment, and (2) announced an FDA meeting they said they would that they got the green light for a phase 3 supported process beginning in the second half of 2021
The truth came to light on August 24, 2021 when reports surfaced that a citizens’ petition had been filed with the FDA asking the FDA to stop all ongoing studies with simufilam while the agency reviews the data submitted so far. The petition raises serious concerns about the quality and integrity of the laboratory-based studies on this drug candidate. The petition also identified “errors and anomalies” in the data “of sufficient frequency and magnitude to strongly indicate scientific misconduct”.
On August 25, 2021, Cassava tried to blame another company (Quanterix), saying Quanterix generated the data from Alzheimer’s patients presented at the recent Alzheimer’s Association International Conference (“AAIC”).
These events caused the price of Cassava common stock to fall $ 46.98, or nearly 40%, through August 26, 2021.
Then, on August 27, 2021, Quanterix announced that Cassava had made the data available to him for testing, that neither Quanterix nor its staff interpreted the results, nor did they provide any data graphs that Cassava presented at the AAIC.
The story goes on
“We are focused on investor losses and evidence that cassava tampered with compromised clinical data for Simufilam,” said Reed Kathrein, who led the investigation and partner of Hagens Berman.
If you’ve invested in cassava and have made significant losses or have knowledge that may aid the company’s investigation, click here to discuss your statutory rights with Hagens Berman.
Whistleblower: Individuals with nonpublic information about cassava should consider their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30 percent for each successful SEC recovery. Further information is available from Reed Kathrein at 844-916-0895 or send an email to SAVA@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities across the country and over eighty attorneys. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. You can find out more about the firm and its successes at hbsslaw.com. For the latest news, visit our newsroom or follow us on Twitter @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
View source version on accesswire.com: