Faruqi & Faruqi LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Have Suffered Losses Exceeding $75,000 in Cassava to Contact Him Directly to Discuss Their Options
If you suffered losses greater than $75,000 Cassava between February 7, 2024 and November 24, 2024 and would like to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly has 877-247-4292 Or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 16, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating possible claims against Cassava Sciences (NASDAQ:), Inc. ( “Cassava” or the “Company”) (NASDAQ: SAVA) and reminds investors of the Deadline February 10, 2025 to seek lead plaintiff status in a federal securities class action lawsuit that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
The complaint alleges that defendants provided investors with material information regarding cassava’s lead drug candidate, simufilam. The defendants’ statements included, among other things, a clear confidence in simufilam’s ability to treat Alzheimer’s disease. Defendants provided these overwhelmingly positive statements to investors while disseminating materially false and misleading statements and/or concealing material adverse facts regarding the true capabilities of cassava medicines; notably, this company simply did not have a drug capable of slowing the progression of Alzheimer’s disease. Such statements in the absence of material facts caused Plaintiff and other shareholders to purchase Cassava’s securities at artificially inflated prices. On November 25, 2024, Cassava released topline results from the first of its two ongoing Phase 3 studies of simufilam, the “ReThink-ALZ” study. Results indicated that simufilam did not meet each of the prespecified primary, secondary, and exploratory endpoints; In summary, simufilam failed to outperform placebo.
Following this news, the price of Cassava’s common stock fell dramatically. From a closing price of $26.48 per share on November 22, 2024, Cassava’s stock price fell to $4.30 per share on November 25, 2024, a decline of approximately 83.76%. in the space of a single day.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is adequate and typical of the class members directing and overseeing the litigation on behalf of the putative class. Any putative class member may move to the court to serve as lead plaintiff through an attorney of their choice, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by whether you serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Cassava’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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