NEW ORLEANS, October 23, 2021--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with losses in excess of $1,150,000 that they have until October 26, 2021 to file lead plaintiff applications in securities class action lawsuits against Cassava Sciences, Inc. (NasdaqCM: SAVA), if they purchased the Company’s securities between September 14, 2020 and August 27, 2021, inclusive (the "Class Period"). These actions are pending in the United States District Court for the Western District of Texas.
What You May Do
If you purchased securities of Cassava and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqcm-sava/ to learn more. If you wish to serve as a lead plaintiff in these class actions by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by October 26, 2021.
About the Lawsuits
Cassava and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 24, 2021, it was disclosed that the U.S. Food and Drug Administration ("FDA") had received a so-called 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, pre-market, 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. On this news, the Company’s stock price plummeted approximately $37 per share, or 32%, on unusually high trading volume. Then, on August 27, 2021, pre-market, Quanterix issued a statement denying the Company’s claims, stating that it "did not interpret the test results or prepare the data."
On this news, the Company’s stock price fell $12.51 per share, or 17.6%, to close at $58.34 per share on August 27, 2021, on unusually heavy trading volume.
The first-filed case is Brazeau v. Cassava Sciences, Inc., No. 21-cv-00751.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
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Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner