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 has commenced an investigation into Cassava Sciences, Inc. (NasdaqCM: SAVA).

On August 24, 2021, it was disclosed that the U.S. Food and Drug Administration (“FDA”) had received a Citizen Petition commencing an administrative action to “halt two ongoing trials of the drug Simufilam [the Company’s lead therapeutic product candidate]…pending a thorough audit by the FDA.”  On August 25, 2021, the Company issued a statement claiming 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, implying that the reanalysis was valid.  Then, on August 27, 2021, Quanterix issued a statement denying the Company’s claims, stating that it “did not interpret the test results or prepare the data.”

Thereafter, the Company and certain of its executives were 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.