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id: 1092, Created by Polina Foster, Scout
Cassava (SAVA) Drug Effectiveness Case
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18 Aug 2022Class period Start
12 Oct 2023Class 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.
Shock Event Date
13 October 2023
02 February 2024
Lead Plaintiff Deadline
02 April 2024