Kessler Topaz Meltzer & Check, LLP

Securities Fraud Class Action Lawsuit Filed Against Cassava Sciences, Inc.

The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Western District of Texas against Cassava Sciences, Inc. (NASDAQ:  SAVA) (“Cassava”) on behalf of those who purchased or acquired Cassava securities between September 14, 2020 and August 27, 2021, inclusive (the “Class Period”).

Deadline Reminder:  Investors who purchased or acquired Cassava securities during the Class Period may, no later than October 26, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP:  James Maro, Esq. [phone]; toll free at [phone]; via e-mail at [e-mail]; or click https://www.ktmc.com/cassava-sciences-class-action-lawsuit?utm_source= ...

Cassava is a clinical stage biotechnology company. Its lead therapeutic product candidate is called simufilam (formerly PTI-125) developed as a treatment for Alzheimer’s disease (“AD”). Simufilam purportedly targets an altered form of a protein called filamin A (“FLNA”) in the Alzheimer’s brain and reverts it to its native, healthy conformation, thereby countering the downstream toxic effects of altered FLNA.

The Class Period commences on September 14, 2020, when Cassava announced the final results from its Phase 2b clinical study of simufilam in a press release that stated, in relevant part, that “simufilam significantly improved an entire panel of validated biomarkers of disease in patients with Alzheimer’s disease.”

The truth regarding simufilam began to emerge after the close of trading on August 24, 2021, when it was disclosed that the U.S. Food and Drug Administration (“FDA”) had received a so-called Citizen Petition commencing an administrative action to “halt two ongoing trials of the drug Simufilam . . . pending a thorough audit by the FDA.” As detailed in the Citizen Petition, “[i]nformation available to the petitioner . . . raises grave concerns about the quality and integrity of the laboratory-based studies surrounding this drug candidate and supporting the claims for its efficacy.”