Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Western District of Texas on behalf of shareholders of Cassava Sciences, Inc. who purchased shares between February 7, 2024 and November 24, 2024.
Cassava and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 25, 2024, the Company disclosed topline results for the first of its two ongoing Phase 3 studies on its leading drug candidate, simufilam, the “ReThink-ALZ” study, that indicated that simufilam failed to meet each of the pre-specified primary, secondary, and exploratory endpoints; in sum, simufilam failed to outperform the placebo.
On this news, the price of Cassava’s shares fell approximately 83%, from a closing price of $26.48 per share on November 22, 2024, to $4.30 per share on November 25, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 10, 2025 to request that the court appoint them lead plaintiff.