This lawsuit is for anyone who acquired securities in Cassava Sciences, Inc. (NASDAQ: SAVA) from September 14, 2020 through August 27, 2021.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by leading investors to believe that its lead drug candidate, Simufilam, a drug for the treatment of Alzheimer's, was doing well in clinical trials when the Company was actually manipulating data.
On August 24, 2021, after the market closed, news outlets reported that someone filed a Citizen Petition with the FDA requesting that the FDA halt two ongoing trials of Simufilam. The Citizen Petition alleges that the foundational science and studies supporting Cassava’s use of Simufilam are based on systemic data manipulation and misrepresentation. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. On August 25, 2021 Cassava responded to the Citizen Petition by claiming that the allegations therein regarding the study's lack scientific integrity were false, in that a third party, Quanterix Corp., confirmed the data. However, on August 27, 2021, before the market opened, Quanterix issued a statement denying the Company’s claims, stating that it “did not interpret the test results or prepare the data” touted by Cassava. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Cassava Sciences, Inc. (NASDAQ: SAVA) from September 14, 2020 through August 27, 2021 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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If Representing an Institution, Name of Institution:
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.