Cassava Sciences, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to firstname.lastname@example.org.
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On August 24, 2021, it was disclosed that the U.S. Food and Drug Administration (“FDA”) had received a 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, 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. Then, on August 27, 2021, Quanterix issued a statement denying the Company’s claims, stating that it “did not interpret the test results or prepare the data.”
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.