Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Over $75,000 From Cassava To Contact Him Directly To Discuss Their Options.
If you have a loss of more than $75,000 Cassava between February 7, 2024 and November 24, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live at the 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 national securities law firm, is investigating potential claims against Cassava Sciences (NASDAQ: ), Inc. (“Cassava” or the “Company”) (NASDAQ: SAVA) and reminds investors February 10, 2025 deadline seeking the role of lead plaintiff in a securities class action 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 received hundreds of millions of dollars from investors since its founding in 1995. See www.faruqilaw.com.
The complaint alleges that the defendants provided investors with material information about Cassava's lead drug candidate, simufilam. The statements of the defendants include, among other things, an implicit confidence in simufilam's ability to treat Alzheimer's disease. The defendants provided these very favorable reports to investors while, at the same time, spreading false and misleading statements and/or concealing material facts about the true medicinal potential of Cassava; significantly, that Company did not have a drug that could slow the progression of Alzheimer's Disease. Such statements are not present in these facts which caused the Plaintiff and other shareholders to buy the securities of Cassava at illegally inflated prices. On November 25, 2024, Cassava released the main results of its two ongoing Phase 3 studies on simufilam, the “ReThink-ALZ” study. The results showed that simufilam failed to meet any of the pre-specified primary, secondary, and screening endpoints; overall, simufilam failed to outperform placebo.
Following this news, the price of the common commodity of Cassava dropped significantly. From a closing market price of $26.48 per share on November 22, 2024, Cassava's stock price dropped to $4.30 per share on November 25, 2024, a decrease of 83.76% in just one day.
A court-appointed lead plaintiff is an investor with a substantial financial interest in the relief sought by a sufficient and common class of class members who administers and oversees the lawsuit on behalf of the putative class. Any privileged class member may move the Court to act as lead plaintiff through counsel of his or her own choosing, or may choose to remain inactive and remain a non-class member. Your ability to share in any recovery is not affected by the decision to act as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Cassava's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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