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SAVA.US

Cassava (SAVA) Drug Effectiveness Case

N.D. Illinois
Court
1:24-cv-00977
Case number
18 Aug 2022
Class period Start
12 Oct 2023
Class period End
  • $SAVA stockholder filed a claim vs. Cassava for misrepresenting the efficacy of the research programs and the prospects of their drug.
  • The news about the drug caused $SAVA to fall 15%, losing $113M+ in shareholder value.
On October 12, 2023, Science reported that professor linked to Alzheimer's drug simufilam, faces investigation for potential data manipulation at CUNY.
  • The university is probing "long-standing and egregious misconduct in data management and record-keeping."
  • The committee, unable to access raw data, concluded there is strong evidence indicating deliberate scientific misconduct by Dr. Wang.
Following this news, $SAVA dropped by 15% the next day.

Based on these events, $SAVA stockholder filed a claim against Cassava and its leaders, accusing them of the following:
  • Cassava made false statements about data management controls for drug research programs.
  • The data supporting simufilam's effectiveness could be manipulated, leading to a misrepresented drug efficacy.
Considering all the representations, investors have reasons to suspect Cassava misleading them about data management controls for its drug research programs.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
13 October 2023
Filing date
02 February 2024
Lead Plaintiff Deadline
02 April 2024
Collecting participants…
Created by Polina Foster, Scout

Cassava Sciences Inc

Cassava Sciences, Inc., a clinical stage biotechnology company, develops drugs for neurodegenerative diseases. Its lead therapeutic product candidate is simufilam, a small molecule drug, which is c...

    Ticker
    SAVA.US
    ISIN
    US14817C1071
    CIK
    1069530
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    6801 N. Capital of Texas Hwy, Bldg 1, Austin, TX, United States, 78731