WHY: Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Cassava Sciences, Inc. (NASDAQ: SAVA) resulting from allegations that Cassava Sciences may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Cassava Sciences securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2150.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: On July 29, 2021 Cassava Sciences announced what it claimed were positive clinical data from an interim analysis of an open-label study with Simufilam and that the drug improved cognition of Alzheimer’s patients.
Then on July 30, 2021, STAT, health and medicine news organization, reported Alzheimer’s scientists not involved in Cassava’s study said the company’s cognitive benefit claim was exaggerated and not supported by the design of the clinical trial. Scientists reportedly said Cassava’s conclusions were “overblown, inappropriate, uninterpretable[.]”
Then on August 24, 2021, it was disclosed that the U.S. Food Drug Administration (“FDA”) had received a Citizen Petition to “halt the current clinical studies of Simufilam (PTI-125) sponsored by Cassava Sciences (NCT04388254 and NCT04994483).” 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 Simulifam’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.”
On this news, the Company’s stock price fell $36.97, or 31%, to close at $80.86 per share on August 25, 2021, damaging investors.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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