Cassava Sciences, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Texas on behalf of those who acquired Cassava Sciences, Inc. (“Cassava” or the “Company”) (NASDAQ:SAVA) securities during the period of February 7, 2024, through November 24, 2024, inclusive (“the Class Period”). Investors have until February 10, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 25, 2024, Cassava released topline results for the first of its two ongoing Phase 3 studies for its leading drug candidate Simufilam. The results indicated that simufilam failed to meet each of the pre-specified primary, secondary, and exploratory endpoints; in sum, simufilam failed to outperform the placebo. On this news, the price of Cassava shares declined by $22.18 per share, or approximately 83.76%, from $26.48 per share on November 22, 2024, to close at $4.30 per share on November 25, 2024.
The complaint alleges that defendants provided investors with material information concerning Cassava's leading drug candidate, simufilam. Defendants' statements included, among other things, clear confidence in simufilam's ability to treat Alzheimer's Disease.
On November 25, 2024, Cassava released topline results for the first of its two ongoing Phase 3 studies for its leading drug candidate Simufilam. The results indicated that simufilam failed to meet each of the pre-specified primary, secondary, and exploratory endpoints; in sum, simufilam failed to outperform the placebo. On this news, the price of Cassava shares declined by $22.18 per share, or approximately 83.76%, from $26.48 per share on November 22, 2024, to close at $4.30 per share on November 25, 2024.
The complaint alleges that defendants provided investors with material information concerning Cassava's leading drug candidate, simufilam. Defendants' statements included, among other things, clear confidence in simufilam's ability to treat Alzheimer's Disease.