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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Cassava Investor Alert: Kaplan Fox Investigates Potential Securities Fraud at Cassava Sciences, Inc.

September 1, 2021 GMT

NEW YORK, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP ( www.kaplanfox.com ) is investigating claims on behalf of investors of Cassava Sciences, Inc. (“Cassava” or the “Company”) (NASDAQ: SAVA). A complaint has been filed on behalf of purchasers of Cassava common stock between February 2, 2021 and August 24, 2021, inclusive (the “Class Period”).

According to the complaint, on February 2, 2021, the start of the Class Period, Cassava issued a press release announcing its purported results from an interim analysis of an open-label study of simufilam, emphasizing that patients’ cognition and behavior scores both improved following six months of simufilam treatment, with no safety issues.

Further, according to the complaint on July 29, 2021, Cassava presented preliminary results from its Phase 2b clinical trial of simufilam at the Alzheimer’s Association International Conference, again purportedly demonstrating that the drug led to an improvement in cognition for Alzheimer’s patients with no adverse side effects.

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Then, according to the complaint, on August 24, 2021 after the close of trading, reports surfaced that a Citizen Petition had been filed with the U.S. Food and Drug Administration (“FDA”) questioning the quality and integrity of study results from Cassava. According to the complaint, the Citizen Petition alleged, among other things, that some of Cassava’s results appeared to show signs of data manipulation.

Following this news, Cassava’s stock price fell $36.97 per share, or 31.38%, to close at $80.86 per share on August 25, 2021.

If you are a member of the proposed Class, you may move the court no later than October 26, 2021 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 646-315-9003.

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

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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 329-8571
E-mail: jcampisi@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com