Cassava Sciences, Inc.
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The investigation focuses on whether Cassava issued misleading and/or false statements and/or failed to disclose information pertinent to investors. Cassava announced supposedly positive results from a clinical trial of simufilam for treatment of Alzheimer’s patients. On July 30, 2021, despite Cassava’s claims, health industry news site STAT published concerns of scientists not affiliated with the study, describing the results as “overblown” and “uninterpretable.” A citizen petition was submitted to the FDA on August 18, 2021, calling on the agency to halt ongoing studies of simufilam until such time as the agency could verify the data already submitted by Cassava. The petition identifies alleged “errors and anomalies” in Cassava’s data “of a sufficient frequency and magnitude to strongly suggest scientific misconduct.” On August 25, 2021, shares of Cassava fell by more than 31%, based on this news.