Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Cassava Sciences, Inc. (“Cassava”) (NASDAQ: SAVA) securities between September 14, 2020 and October 12, 2023, inclusive (the “Class Period”).
Cassava is a clinical-stage biotechnology company focused on developing novel and investigational treatments, including its oral-tablet drug candidate for the treatment of Alzheimer’s disease, simufilam. 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, Defendants made false and/or misleading statements and/or failed to disclose that: (1) data underlying the foundational research for Cassava’s product candidates had been manipulated; (2) several of Cassava’s scientists had long-standing patterns of data duplication and manipulation, as well as not being qualified for certain analyses; (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, 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, Defendants’ statements about the company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On August 12, 2025, the Court granted the Lead Plaintiff's Motion for Class Certification. This action is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; 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.