NEW YORK, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired Cassava Sciences, Inc. (“Cassava” or the “Company”) (NASDAQ: SAVA) securities between August 18, 2022 and October 12, 2023, inclusive (the “Class Period”).
The Complaint alleges that Defendants made materially false and misleading statements regarding Cassava’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Cassava failed to maintain adequate and effective data management controls and procedures related to its drug research programs; (2) as a result, the data published in support of simufilam, Cassava’s lead therapeutic drug candidate, were susceptible to manipulation to overstate the drug’s effectiveness; (3) accordingly, Cassava had misrepresented the efficacy of its research programs and the clinical and/or commercial prospects of simufilam; (4) all of the foregoing, once revealed, was likely to subject Cassava to significant financial and/or reputational harm; and (5) as a result, Cassava’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Cassava should contact the Firm prior to the April 2, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
