NEW YORK, Aug. 31, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Cassava Sciences, Inc. ("Cassava " or the "Company") (Nasdaq: SAVA) from February 2, 2021 through August 24, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Western District of Texas alleges violations of the Securities Act of 1934.
If you purchased Cassava securities, and/or would like to discuss your legal rights and options please visit Cassava Shareholder Class Action Lawsuit or contact RujulPatel toll free at (877) 779-1414 or rpatel@bernlieb.com
According to the complaint, Cassava issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to the quality and integrity of the scientific data supporting the company's claims of efficacy for its Alzheimer's drug (simufilam), which were known to, or recklessly disregarded by, the Defendants as follows: (a) that Cassava and senior management claimed that results from an interim analysis of simufilam demonstrated that patients' cognition and behavior scores both improved following six months of simufilam treatment, and; (b) that Cassava touted an FDA meeting they stated supported green-lighting a Phase 3 trial beginning in the second half of 2021.
On August 24, 2021, a citizen petition was submitted to the FDA asking the FDA to halt all ongoing studies with simufilam while the agency verifies data the company has submitted so far. The petition raises serious concerns about the quality and integrity of the laboratory-based studies surrounding this drug candidate. The petition further identified "errors and anomalies" in the data "of a sufficient frequency and magnitude to strongly suggest scientific misconduct.".
On this news, the price of Cassava shares fell almost 32%, declining approximately $37 per share per share to close at $80.86 on August 25, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Cassava securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/cassavasciencesinc-sava-shareholder-class-action-lawsuit-fraud-stock-435/apply/ or contact Rujul Patel toll free at (877) 779-1414 or rpatel@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Rujul Patel
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
rpatel@bernlieb.com
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SOURCE Bernstein Liebhard LLP
