LOS ANGELES, Aug.27, 2021 (GLOBE NEWSWIRE) – The Portnoy law firm informs investors of Cassava Sciences, Inc. (“Cassava” or the “Company”) (NASDAQ: SAVA) that the company has opened an investigation into possible securities fraud and may file a class action on behalf of the investors.
Investors are encouraged to contact a lawyer Lesley F. Portnoy, by phone 310-692-8883 or E-mail: [email protected], to discuss their legal rights, or Click here join the case via www.portnoylaw.com. The Portnoy law firm can provide further case assessment and discuss options for investors to pursue claims to recover their losses.
The investigation focuses on whether Cassava made misleading and / or false statements and / or failed to disclose information relevant to investors. Cassava has announced supposedly positive results from a clinical trial of simufilam for the treatment of patients with Alzheimer’s disease. On July 30, 2021, despite Cassava’s claims, health industry news site STAT published the concerns of scientists not affiliated with the study, describing the results as “exaggerated” and “uninterpretable.” A citizen petition was submitted to the FDA on August 18, 2021, calling on the agency to suspend ongoing studies on simufilam until the agency can verify data already submitted on cassava. The petition identifies “suspected errors and anomalies” in the Cassava data “of sufficient frequency and magnitude to strongly suggest scientific misconduct.” On August 25, 2021, Cassava shares fell more than 31%, based on the news.
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The Portnoy law firm represents investors in the pursuit of claims arising from corporate wrongdoing. The company’s founding partner has recovered more than $ 5.5 billion for aggrieved investors. Lawyer advertising. Past results do not guarantee similar results.
Lesley F. Portnoy, Esq.
CA and NY bar admitted