| COMPANY |
Cassava Sciences, Inc. |
| COURT |
United States District Court for the Western District of Texas |
| CASE NUMBER |
21-cv-00751 |
| JUDGE |
The Honorable David A. Ezra |
| CLASS PERIOD |
September 14, 2020 - August 27, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
The Class Period commences on September 14, 2020, when Cassava announced the final results from its Phase 2b clinical study of simufilam in a press release that stated, in relevant part, that “simufilam significantly improved an entire panel of validated biomarkers of disease in patients with Alzheimer’s disease.”
The complaint alleges that throughout the Class Period, the Defendants failed to disclose to investors that: (1) data underlying the foundational research for Cassava’s product candidates had been manipulated; (2) experiments using post-mortem human brain tissue frozen for nearly 10 years was contrary to a basic understanding of neurobiology; (3) biomarker analysis for patients treated with simufilam had been manipulated to conclude that simufilam was effective; (4) Quanterix, an independent company, had not interpreted the test results or prepared the data charts for the biomarker analysis for patients treated with simufilam; (5) as a result of the foregoing, there was a reasonable likelihood that Cassava would face regulatory scrutiny in connection with the development of simufilam; and (6) as a result of the foregoing, the defendants’ positive statements about Cassava’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On June 27, 2024, Defendant filed an Amended Answer to the Amended Complaint. Thereafter, Lead Plaintiff filed a Motion for Class Certification. After that Motion was fully briefed, on November 13, 2024, Lead Plaintiff filed an Motion for Leave to File Second Supplemented Complaint to add new corrective disclosures and supporting allegations based on events occurring after June 12, 2024. On February 25, 2025, the Court entered an order instructing the parties that it would first rule on Lead Plaintiff’s Motion for Leave to File Second Supplemented Complaint before ruling on the Motion for Class Certification. That Motion is still pending before the Court. This case is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.