Governance & Derivative

Cassava Sciences, Inc. (NasdaqCM: SAVA)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Cassava Sciences, Inc. (NasdaqCM: SAVA).  

Beginning in August 2021, the Company was the subject of allegations of data manipulation and misrepresentation in the research underpinning its Alzheimer’s drug, called simufilam. The Company issued a statement claiming that the clinical data had been generated by Quanterix Corp. (“Quanterix”), an independent company, implying that the reanalysis was objective and valid; however, Quanterix subsequently issued a statement denying the Company’s claims, stating that it “did not interpret the test results or prepare the data.”  Then in November 2021, it was reported that the Securities and Exchange Commission had opened an investigation into the Company’s simufilam research. In July 2022, media sources reported that the U.S. Justice Department had also opened a criminal investigation into the matter.

The Company and certain of its executives have been sued in a securities class action lawsuit charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.

KSF’s investigation is focusing on whether Cassava’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.  If you have information that would assist KSF in its investigation, or have been a long-term holder of Cassava shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.