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SAVA.US
id: 1428
Cassava Sciences (SAVA) Alzheimer’s Drug Misrepresentation Case
W.D. Texas
Court1:24-CV-1525
Case number02/07/2024
Class period Start11/24/2024
Class period End02/10/2025
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%.
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