A securities class action has been filed in the USDC — W.D.TX. against Cassava Sciences, Inc. (SAVA) (“Cassava”, or the “Company”), on behalf of all those that purchased or otherwise acquired Cassava common stock between February 7, 2024, and November 24, 2024, both dates inclusive (the “Class Period”).
Cassava is a clinical stage biotechnology company, with a focus on developing drugs for neurodegenerative diseases. Cassava’s leading therapeutic candidate is Simufilam, a proposed treatment for mild to moderate Alzheimer’s Disease.
The claim arises on November 25, 2024, when Cassava released topline results for the first of its two ongoing Phase 3 studies on simufilam, the “ReThink-ALZ” study.
The complaint alleges that Defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true capabilities of Cassava’s drugs; notably, that Company simply did not have a drug that was capable of abating the progression of Alzheimer’s Disease. Such statements absent these material facts caused Plaintiff and other shareholders to purchase Cassava’s securities at artificially inflated prices, thereby harming investors.
As a result, from a closing market price of $26.48 per share on November 22, 2024, Cassava’s stock price fell to $4.30 per share on November 25, 2024, a decline of about 83.76% in the span of just a single day.
If you purchased Cassava common stock during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information.”
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.