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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 26, 2021 to file lead plaintiff applications in securities class action lawsuits against Cassava Sciences, Inc. (NasdaqCM: SAVA).
Cassava and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 24, 2021, it was disclosed that the U.S. Food and Drug Administration (“FDA”) had received a so-called Citizen Petition commencing an administrative action to “halt two ongoing trials of the drug Simufilam [the Company’s lead therapeutic product candidate]. . . pending a thorough audit by the FDA.” On August 25, 2021, pre-market, the Company issued a statement claiming 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, implying that the reanalysis was valid. On this news, the Company’s stock price plummeted approximately $37 per share, or 32%, on unusually high trading volume.
Then, on August 27, 2021, pre-market, Quanterix issued a statement denying the Company’s claims, stating that it “did not interpret the test results or prepare the data.” On this news, the Company’s stock price fell $12.51 per share, or 17.6%, to close at $58.34 per share on August 27, 2021, on unusually heavy trading volume.
If you purchased securities of Cassava and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.
The first-filed case is Brazeau v. Cassava Sciences, Inc., No. 21-cv-00751.
Click here to read the first filed complaint.