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The Law Offices of Frank R. Cruz Continues Investigation of Cassava Sciences, Inc. (SAVA) on Behalf of Investors

August 27, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Aug 27, 2021--

The Law Offices of Frank R. Cruz continues its investigation of Cassava Sciences, Inc. (“Cassava” or the “Company”) (NASDAQ: SAVA ) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

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On August 24, 2021, after the market closed, it was revealed that a Citizen Petition was filed with the United States Food and Drug Administration (“FDA”) requesting that the FDA halt two ongoing trials of Cassava’s proprietary drug 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 August 25, 2021, before the market opened, Cassava issued a response to the petition, claiming that the allegations regarding scientific integrity are false and misleading. Among other things, the Company claimed that the clinical data, which the citizen petition stated had been reanalyzed to show Simufilam was effective, had been generated by Quanterix Corp. (“Quanterix”), an independent company, suggesting that the reanalysis was valid.

On this news, Cassava’s share price fell $36.97, or 32%, to close at $80.86 per share on August 25, 2021, thereby injuring investors.

Then, 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 Company’s share price fell as much as $10.44, or 15%, during intraday trading on August 27, 2021, thereby injuring investors further.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

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If you purchased Cassava securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210827005397/en/

CONTACT: The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com

www.frankcruzlaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: The Law Offices of Frank R. Cruz

Copyright Business Wire 2021.

PUB: 08/27/2021 06:00 PM/DISC: 08/27/2021 06:02 PM

http://www.businesswire.com/news/home/20210827005397/en