SAVA INVESTOR ALERT: Edelson Lechtzin LLP Urges Cassava Sciences, Inc. (NASDAQ: SAVA) Shareholders with Substantial Losses to Move for Lead Plaintiff in the Pending Securities Fraud Class Action
NEWTOWN, PA, February 22, 2024 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of Cassava Sciences, Inc. (“Cassava” or the “Company”) (NASDAQ: SAVA) common stock between August 18, 2022, and October 12, 2023, inclusive (the “Class Period”).
Investors who purchased Cassava common stock may move the U.S. District Court for the Northern District of Illinois to appoint them as lead plaintiff, no later than April 2, 2024. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Cassava Sciences, Inc.
Cassava is a clinical-stage biotechnology company based in Austin, Texas. The Company’s lead therapeutic drug candidate is PTI-125 (or “simufilam”), a small molecule drug for the proposed treatment of Alzheimer’s disease.
The Securities Fraud Claims
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or omissions regarding Cassava’s business, operations, and prospects, including that: (i) the Company failed to maintain adequate and effective data management controls and procedures related to its drug research programs; (ii) as a result, the data published in support of simufilam were susceptible to manipulation to overstate the drug’s effectiveness; (iii) accordingly, Cassava had misrepresented the efficacy of its research programs and the clinical and/or commercial prospects of simufilam; (iv) all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On October 12, 2023, Science – a peer-reviewed academic journal – reported that Dr. Hoau-Yan Wang, a researcher associated with the simufilam program at City University of New York, was investigated by the university officials for potential data manipulation. Though the investigative committee didn’t have access to the raw data at issue, they concluded that Dr. Wang had engaged in “long-standing and egregious misconduct in data management and record-keeping” and found evidence highly suggestive of deliberate scientific misconduct on Dr. Wang’s part. On this news, the price Cassava stock fell $2.68 per share, or 15.28%, to close at $14.86 per share on October 13, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.