LOS ANGELES, July 21, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Cassava Sciences, Inc. (NasdaqCM: SAVA) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Cassava investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 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.
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.
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The Portnoy Law Firm represents investors in pursuing claims against caused by 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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