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SAVA.US
id: 1092
Cassava (SAVA) Drug Effectiveness Case
W.D. Texas
Court1:21-cv-00751
Case number08/18/2022
Class period Start10/12/2023
Class period End04/02/2024
Lead Plaintiff motion deadline- $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.
Case Status
Case Discovery
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
10/13/2023
Filing date
02/02/2024
Lead Plaintiff Deadline
04/02/2024
Judge
David A. Ezra