LOS ANGELES, Aug. 27, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Cassava Sciences, Inc. ("Cassava" or the "Company") (NASDAQ: SAVA) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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