Daniel Webster, dWeb.News Publisher
| Source: Faruqi & Faruqi LLP
NEW YORK, Oct. 10, 2021 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Cassava Sciences, Inc. (“Cassava” or the “Company”) (NASDAQ: SAVA) and reminds investors of the October 26, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in Cassava stock or options between February 2, 2021 and August 24, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SAVA.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that Cassava: (1) deceived the investing public regarding Cassava’s prospects and business; (2) artificially inflated the price of Cassava common stock; (3) permitted Cassava to cash in by selling $200 million of Cassava common stock at fraud-inflated prices; and (4) caused Plaintiff and other members of the Class to purchase Cassava common stock at artificially inflated prices.
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. According to Cassava, after nine months, 66% of the 50 patients in the clinical trial observed an average improvement of 3 points on the Alzheimer’s Disease Assessment Scale- Cognitive Subscale (“ADAS-Cog”). Normally, Alzheimer’s patients experience a decrease of 5 ADASCog point per year. This means that a drop of 4 points over nine months would be normal. Then, after the close of trading on August 24, 2021, it was disclosed that the U.S. Food and Drug Administration (“FDA”) had received a so-called Citizen Petition commencing an administrative action to “halt two ongoing trials of the drug Simufilam . . . “In lieu of a thorough audit from the FDA.” . . raises grave concerns about the quality and integrity of the laboratory-based studies surrounding this drug candidate and supporting the claims for its efficacy.” After summarizing its findings, the Citizen Petition went on to conclude that “the extensive evidence set forth in the enclosed report, which presents grave concerns about the quality and integrity of the scientific data supporting Cassava’s claims for Simufilam’s efficacy, provides compelling grounds for pausing the ongoing clinical trials until the FDA can conduct and complete a rigorous audit of Cassava’s research.”
The market price of Cassava common stock plummeted on this news, declining approximately $37 per share, or 32%, on unusually high trading volume of approximately 29 million shares trading, or more than 7x the average daily trading over the preceding ten trading days.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative group may petition the Court to be appointed lead plaintiff by counsel of their choosing, or they may remain absent and do nothing. You are still eligible to share in any recovery, regardless of whether you become a lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Cassava’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. Faruqi & Faruqi LLP is the law firm responsible for this advertisement (www.faruqilaw.com). Precedent results are not indicative of a similar outcome in future matters. We would love to have a discussion about your case. All communications will be handled confidentially.
For more dWeb.News Business News: https://dweb.news/news-sections/business-news/
ALISO VIEJO, Calif.–(BUSINESS WIRE)–BrainChip Holdings Ltd (ASX: BRN), (OTCQX: BRCHF), a leading provider of ultra-low power high performance artificial intelligence technology, today announced that Chief Development Officer Anil Mankar will present “Intelligent Edge AI: The Future is Now” at the Linley Fall Processor Conference 2021 in the Hyatt Regency Hotel in Santa Clara, California, October…
Artificial intelligence (AI), which has seen rapid growth over the past few years, is mainly due to the development of deep neural networks and artificial intelligence computing technology. Experts believe that there will come a time when artificial intelligence will exceed human intelligence, or be able to do many tasks better than humans.
Russian online bank Tinkoff has launched an e-commerce venture. The new platform, a constellation of services and tools designed to help entrepreneurs handle and boost their online sales, will cater to a rapidly expanding online economy in Russia, as well as to clients hoping to grow their international presence. Tinkoff has hired Ilya Kretov, formerly…
WASHINGTON – As part of its mission to recruit diverse cybersecurity talent and build the workforce of the future, the Cybersecurity and Infrastructure Security Agency (CISA) has awarded $2 million to two innovative organizations for development of cyber workforce training programs. The NPower and CyberWarrior organizations, which received the awards, will focus on the unemployed…
Most Popular Articles on dWeb.News
- HEALTH NEWS: Eco-Rooted Lawsuits Target Needle Exchanges. This will be stopped by a new California law.
- Top 10 Killer Magento SEO Tips for Your E-Commerce Website
- HEALTH NEWS: Major Insurers Are Running Billions of Dollars Behind in Payments to Doctors and Hospitals
- FRONT PAGES: A Potential New Treatment For Inflammatory Arthritis
- RUSSIA NEWS: Putin Says NATO’s Military Presence in Ukraine Poses Threat to Russia
- ISRAEL NEWS: Austrian leader said to cancel Israel visit amid corruption allegations