GlobeNewswire Inc | Sep 10, 2021 06:14PM EDT

September 10, 2021

RADNOR, Pa., Sept. 10, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds Cassava Sciences, Inc. (NASDAQ: SAVA) (Cassava) investors that a securities fraud class action lawsuit has been filed in the United States District Court for the Western District of Texas against Cassava on behalf of those who purchased or acquired Cassava securities betweeen September 14, 2020 and August 27, 2021, inclusive (the Class Period).

Lead Plaintiff Deadline: October 26, 2021

Website: https://www.ktmc.com/cassava-sciences-class-action-lawsuit? utm_source=PR&utm_medium=link&utm_campaign=cassavaContact: James Maro, Esq. (484) 270-1453 Toll free (844) 887-9500

Cassava is a clinical stage biotechnology company. Its lead therapeutic product candidate is called simufilam (formerly PTI-125) developed as a treatment for Alzheimers disease. Simufilam purportedly targets an altered form of a protein called filamin A (FLNA) in the Alzheimers brain and reverts it to its native, healthy conformation, thereby countering the downstream toxic effects of altered FLNA.

The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) data underlying the foundational research for Cassavas product candidates had been manipulated; (2) experiments using post-mortem human brain tissue frozen for nearly 10 years was contrary to a basic understanding of neurobiology; (3) biomarker analysis for patients treated with simufilam had been manipulated to conclude that simufilam was effective; (4) Quanterix Corp., an independent company, had not interpreted the test results or prepared the data charts for the biomarker analysis for patients treated with simufilam; (5) as a result of the foregoing, there was a reasonable likelihood that Cassava would face regulatory scrutiny in connection with the development of simufilam; and (6) as a result of the foregoing, the defendants positive statements about Cassavas business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Cassava investors may, no later than October 26, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class members claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500 (toll free)info@ktmc.com