| COMPANY |
Cassava Sciences, Inc. |
| COURT |
United States District Court for the Western District of Texas |
| CASE NUMBER |
24-cv-01525 |
| JUDGE |
The Hon. Robert Pitman |
| CLASS PERIOD |
February 7, 2024, through November 24, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS FEBRUARY 10, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Cassava Sciences, Inc. (“Cassava”) (NASDAQ: SAVA) securities between February 7, 2024, and November 24, 2024, inclusive (the “Class Period”).
Cassava’s leading therapeutic candidate is simufilam, a proposed treatment for mild to moderate Alzheimer’s Disease. Cassava conducted two Phase 3 studies for simufilam. The first study was to evaluate the safety and efficacy of simufilam 100 mg tablets twice-daily versus matching placebo over 52 weeks (the “ReThink-ALZ” study) and the second Phase 3 study, to evaluate the safety and efficacy of oral simufilam 100 mg and 50 mg tablets twice-daily versus matching placebo over 76 weeks (the ReFocus-ALZ” study).
On November 25, 2024, Cassava published topline results for the ReThink-ALZ study and revealed that simufilam failed to meet “each of the pre-specified co-primary, secondary, and exploratory biomarker endpoints”, in sum, simufilam failed to outperform the placebo. On a corresponding call, Defendant Richard Barry, the company’s CEO, revealed that due to the results of the ReThink-ALZ study, Cassava “made the difficult decision to discontinue the ReFocus-ALZ study.” On this news, the price of Cassava common stock declined $22.18 per share, or approximately 83.76%, from a close of $26.48 per share on November 22, 2024, to close at $4.30 per share on November 25, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Cassava’s drug, simufilam, was not capable of abating the progression of Alzheimer’s Disease, even in mild to moderate cases; and (2) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.