Kaskela Law LLC is investigating Cassava Sciences, Inc. (“Cassava” or the Company) (NASDAQ: SAVA) on behalf of the Company’s long-term investors.
On November 17, 2021, The Wall Street Journal reported that the “Securities and Exchange Commission is investigating claims that Cassava Sciences Inc. … manipulated research results of its experimental Alzheimer’s drug.” Following this report, shares of Cassava’s stock declined $14.62 per share, or over 23% in value, to close on November 17, 2021 at $47.07 per share, on heavy trading volume.
Then, on July 27, 2022, Reuters reported that the U.S. Department of Justice (“DOJ”) “has opened a criminal investigation into Cassava Sciences Inc. involving whether the biotech company manipulated research results for its experimental Alzheimer’s drug.” Reuters further reported that the DOJ’s “personnel conducting the investigation into … Cassava specialize in examining whether companies or individuals have misled or defrauded investors, government agencies or consumers.” Following this additional news, shares of Cassava’s stock fell $3.03 per share, or nearly 14% in value, to close on July 27, 2022 at $18.69 per share.
The investigation seeks to determine whether the members of Cassava’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Cassava stockholders who purchased or acquired shares of the Company’s stock prior to September 14, 2020 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, for additional information about this investigation and their legal rights and options.