LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its investigation of Cassava Sciences, Inc. (“Cassava” or the “Company”) (NASDAQ: SAVA) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 24, 2021, after the market closed, it was revealed that a Citizen Petition was filed with the United States Food and Drug Administration (“FDA”) requesting that the FDA halt two ongoing trials of Cassava’s proprietary drug Simufilam. The Citizen Petition alleges that the foundational science and studies supporting Cassava’s use of Simufilam are based on systemic data manipulation and misrepresentation.
On August 25, 2021, before the market opened, Cassava issued a response to the petition, claiming that the allegations regarding scientific integrity are false and misleading. Among other things, the Company claimed that the clinical data, which the citizen petition stated had been reanalyzed to show Simufilam was effective, had been generated by Quanterix Corp. (“Quanterix”), an independent company, suggesting that the reanalysis was valid.
On this news, Cassava’s share price fell $36.97, or 32%, to close at $80.86 per share on August 25, 2021, thereby injuring investors.
Then, on August 27, 2021, before the market opened, Quanterix issued a statement denying the Company’s claims, stating that it “did not interpret the test results or prepare the data” touted by Cassava.
On this news, the Company’s share price fell as much as $10.44, or 15%, during intraday trading on August 27, 2021, thereby injuring investors further.
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If you purchased Cassava securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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