CASSAVA SCIENCES SHAREHOLDER ACTION REMINDER

Rhea-AI Summary

Faruqi & Faruqi, LLP is investigating potential claims against Cassava Sciences, Inc. for violating federal securities laws by allegedly making false statements regarding its drug research programs. The complaint alleges data manipulation in support of simufilam, leading to significant financial and reputational harm. Cassava's stock price fell 15.28% following reports of possible scientific misconduct by a researcher associated with the program.

Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Cassava Sciences To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $100,000 investing in Cassava Sciences stock or options between August 18, 2022 and October 12, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SAVA.

There is no cost or obligation to you.

NEW YORK, Feb. 9, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Cassava Sciences, Inc. ("Cassava" or the "Company") (NASDAQ: SAVA) and reminds investors of the April 2, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company failed to maintain adequate and effective data management controls and procedures related to its drug research programs; (2) as a result, the data published in support of simufilam were susceptible to manipulation to overstate the drug's effectiveness; (3) accordingly, Cassava had misrepresented the efficacy of its research programs and the clinical and/or commercial prospects of simufilam; (4) all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.

On October 12, 2023, the peer-reviewed academic journal Science reported that Professor Hoau-Yan Wang ("Dr. Wang"), a City University of New York researcher associated with the research program for simufilam, had been investigated by university officials for possible data manipulation. Although the investigative committee did not have access to the raw data at issue and thus was unable to confirm that data manipulation had occurred, members made their conclusion based on "long-standing and egregious misconduct in data management and record keeping by Dr. Wang" and "found evidence highly suggestive of deliberate scientific misconduct" by Dr. Wang.

On this news, Cassava's stock price fell $2.68 per share, or 15.28%, to close at $14.86 per share on October 13, 2023.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Cassava's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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SOURCE Faruqi & Faruqi, LLP

FAQ

What is the deadline for investors to seek the role of lead plaintiff in the federal securities class action against Cassava Sciences?

The deadline for investors to seek the role of lead plaintiff in the federal securities class action against Cassava Sciences is April 2, 2024.

What allegations are made against Cassava Sciences in the complaint by Faruqi & Faruqi, LLP?

The complaint alleges that Cassava Sciences violated federal securities laws by making false statements and failing to disclose data manipulation related to its drug research programs.

What event caused a 15.28% drop in Cassava Sciences' stock price?

The drop in Cassava Sciences' stock price was caused by reports of possible scientific misconduct by a researcher associated with the simufilam program.

How can investors contact Faruqi & Faruqi, LLP regarding information on Cassava Sciences' conduct?

Investors can contact Faruqi & Faruqi, LLP for information on Cassava Sciences' conduct, including whistleblowers, former employees, shareholders, and others.

What is the contact information for Faruqi & Faruqi, LLP to discuss potential claims against Cassava Sciences?

To discuss potential claims against Cassava Sciences, investors can contact Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) or visit www.faruqilaw.com/SAVA.