SAVA ALERT Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Cassava Sciences, Inc. and Announces Opportunity for Investors with Substantial Losses to Lead Case
Robbins Geller Rudman & Dowd LLP announces that it filed a class action lawsuit charging Cassava Sciences, Inc. (NASDAQ: SAVA) and certain of its executives with violations of the Securities Exchange Act of 1934. Purchasers of Cassava Sciences common stock between February 2, 2021 and August 24, 2021, inclusive (the “Class Period”) have until October 26. 2021 to seek appointment as lead plaintiff in the Cassava Sciences class action lawsuit. The Cassava Sciences class action lawsuit (Brazeau v. Cassava Sciences, Inc., 21-cv-00751) was commenced on August 27, 2021 in the Western District of Texas and is assigned to Judge Robert L. Pitman.
If you wish to serve as lead plaintiff of the Cassava Sciences class action lawsuit, please provide your information by clicking here. You can also contact attorney Mary K. Blasy of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Cassava Sciences class action lawsuit must be filed with the court no later than October 26, 2021.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
CASE ALLEGATIONS: Cassava Sciences’ lead therapeutic product candidate during the Class Period was simufilam, a small molecule drug designed to treat Alzheimer’s disease. On February 2, 2021, Cassava Sciences announced results from its interim analysis of an open-label study of simufilam, which purportedly demonstrated that patients’ cognition and behavior scores both improved following six months of simufilam treatment, with no safety issues. As the market digested this ostensibly great news, the market price of Cassava Sciences common stock increased and Cassava Sciences immediately cashed in on the stock price inflation, issuing and selling more than four million shares of its common stock at $49 per share on February 12, 2021 through an underwritten follow-on public stock offering and reaping more than $200 million in gross proceeds.
The Cassava Sciences class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) the quality and integrity of the scientific data supporting Cassava Sciences’ claims for simufilam’s efficacy had been overstated; (ii) the scientific data supporting Cassava Sciences’ claims for simufilam’s efficacy were biased; and (iii) as a result, defendants’ positive statements during the Class Period about Cassava Sciences’ business metrics and financial prospects and the likelihood of U.S. Food Drug Administration (“FDA”) approval were false and misleading and/or lacked a reasonable basis.