The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Cassava Sciences, Inc. (NASDAQ: SAVA) who purchased shares between February 2, 2021 and August 24, 2021. The action, which was filed in the United States District Court for the Western District of Texas, alleges that the Company violated federal securities laws.
In particular, the Cassava lawsuit alleges that (a) the quality and integrity of the scientific data supporting Cassava’s claims for simufilam’s, a small molecule drug designed to treat Alzheimer's disease, efficacy had been overstated; (b) the scientific data supporting Cassava’s claims for simufilam’s efficacy were biased; and (c) as a result of the foregoing, Defendants’ positive statements during the Class Period about the Company’s business metrics and financial prospects and the likelihood of Food and Drug Administration approval were false and misleading and/or lacked a reasonable basis.
Shareholders have until October 26, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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