GlobeNewswire Inc | Sep 9, 2021 06:41PM EDT

September 09, 2021

SAN FRANCISCO, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Cassava Sciences, Inc. (NASDAQ: SAVA) investors with significant losses to submit your losses now.

Class Period: Sept. 14, 2020 Aug. 27, 2021Lead Plaintiff Deadline: Oct. 26, 2021Visit:www.hbsslaw.com/investor-fraud/SAVAContact An Attorney Now:SAVA@hbsslaw.com 844-916-0895

Cassava Sciences, Inc. (SAVA) Securities Fraud Class Action:

The complaint alleges that Defendants made false and misleading statements and failed to disclose that the quality and integrity of the scientific data supporting the companys claims of efficacy for its Alzheimers drug (simufilam) were overstated and biased.

Specifically, Defendants falsely (1) claimed that results from an interim analysis of simufilam demonstrated that patients cognition and behavior scores both improved following six months of simufilam treatment, and (2) touted an FDA meeting they stated supported green-lighting a Phase 3 trial beginning in the second half of 2021

The truth began to emerge on Aug. 24, 2021, when reports surfaced that a citizen petition was submitted to the FDA asking the FDA to halt all ongoing studies with simufilam while the agency verifies data the company has submitted so far. The petition raises serious concerns about the quality and integrity of the laboratory-based studies surrounding this drug candidate. The petition further identified errors and anomalies in the data of a sufficient frequency and magnitude to strongly suggest scientific misconduct.

On Aug. 25, 2021, Cassava tried to blame another company (Quanterix) and said Quanterix generated the data from Alzheimers patients that was presented at the recent Alzheimers Association International Conference (AAIC).

These events sent the price of Cassava common stock plummeting $46.98, or down almost 40%, by Aug. 26, 2021.

Then, on Aug. 27, 2021, Quanterix revealed that Cassava provided it with the data for testing, neither Quanterix nor its employees interpreted the results, and neither provided data charts Cassava presented at the AAIC.

Were focused on investors losses and proving Cassava manipulated clinical data for simufilam, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Cassava and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Cassava should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SAVA@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895