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SAVA.US
id: 1428

Cassava Sciences (SAVA) Alzheimer’s Drug Misrepresentation Case

W.D. Texas
Court
1:24-CV-1525
Case number
02/07/2024
Class period Start
11/24/2024
Class period End
02/10/2025
Lead Plaintiff motion deadline
  • $SAVA investors filed a lawsuit against Cassava Sciences for misleading them about the effectiveness and risks of their Alzheimer’s drug.
  • On November 25, 2024, Cassava announced that Simufilam failed to achieve any goals in its Phase 3 trial. Following this news, $SAVA plummeted by 83.76%.
  • $SAVA investors can join this case to be notified about potential recovery.
Case Details:

Between February 7, 2024, and November 24, 2024, Cassava presented highly optimistic results from simufilam's Phase 2 trials, claiming that mild Alzheimer’s patients showed no cognitive decline after two years of treatment.

In press releases and earnings calls, the company emphasized simufilam’s potential as a "disease-modifying drug" while preparing for its commercial launch.

On November 25, 2024, the company released the topline results for its Phase 3 ReThink-ALZ study, revealing that Simufilam failed to meet any of the pre-specified primary, secondary, and exploratory endpoints.

The announcement also led to the cancellation of other ongoing Phase 3 trials, such as ReFocus-ALZ, and the termination of its open-label extension studies

Following this news, $SYM dropped by 83.76%.

Based on these events, $SAVA investors filed a lawsuit against Cassava Sciences, accusing the company of the following:
  • It misled investors about Simufilam’s efficacy and safety.
  • It downplayed risks associated with the drug’s development and data limitations.
Investors believe Cassava misled them by overstating Simufilam’s effectiveness while downplaying significant risks and limitations.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement
Misleading Statements
Failure to Disclose
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/25/2024
Filing date
12/12/2024
Lead Plaintiff Deadline
02/10/2025
Collecting participants…

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 Highway, Austin, TX, United States, 78731