Shareholder rights law firm Robbins LLP is investigating Cassava Sciences, Inc. (NASDAQ:SAVA) to determine whether certain Cassava officers and directors violated the Securities Exchange Act of 1934 and breached their fiduciary duties to the Company. Cassava is a biotechnology company engaged in the development of drugs for neurodegenerative diseases. Its lead therapeutic product candidate is simufilam, a small molecule drug designed to treat Alzheimer’s disease.

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Cassava Sciences, Inc. (SAVA) Accused of Falsely Touting the Viability and Efficacy of its Lead Drug Candidate

According to a class action complaint filed on behalf of purchasers of Cassava between February 2, 2021 and August 24, 2021, on February 2, 2021, Cassava announced results from its interim analysis of an open-label study of simufilam. The study purportedly demonstrated that patients’ cognition and behavior scores both improved following six months of simufilam treatment, with no safety issues. According to the Company, “[i]n a clinical study funded by the National Institutes of Health and conducted by Cassava Sciences, six months of simufilam treatment improved cognition scores by 1.6 points on ADAS-Cog11, a 10% mean improvement from baseline to month 6,” and “[i]n these same patients, simufilam also improved dementia related behavior, such as anxiety, delusions and agitation, by 1.3 points on the Neuropsychiatric Inventory, a 29% mean improvement from baseline to month 6.” Cassava continued to tout the viability of simufilam throughout the class period.

Then, on August 24, 2021, it was disclosed that the U.S. Drug and Food Administration had received a Citizen Petition commencing an administrative action to "halt two ongoing trials of the drug Simufilam … pending a thorough audit by the FDA." The Petition detailed "grave concerns about the quality and integrity of the laboratory-based studies surrounding this drug candidate and supporting the claims for its efficacy." The Petition concluded that there are "compelling grounds for pausing the ongoing clinical trials until the FDA can conduct and complete a rigorous audit of Cassava's research." On this news, the price of Cassava's stock fell $37, or 32%.

Cassava Sciences, Inc. (SAVA) shareholders have legal options. If you own shares of Cassava Sciences, Inc., contact us to learn more about your rights.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas

(800) 350-6003

adumas@robbinsllp.com

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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Cassava Sciences, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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