Cassava Sciences Faces Class Action for Securities Law Violations Affecting Investors
On December 27, 2024, Levi & Korsinsky, LLP announced a class action lawsuit targeting Cassava Sciences, Inc. (NASDAQ: SAVA). This action seeks to recover losses for investors impacted by alleged securities fraud that transpired between February 7, 2024, and November 24, 2024.
The initiated lawsuit aims to bring justice for shareholders who suffered losses during this time frame, specifically connected to Cassava’s standout drug candidate, simufilam. Promising assertions were made by the company regarding simufilam's efficacy in treating Alzheimer’s Disease. However, according to the lawsuit, subsequent results from key studies deviated from those initial expectations.
On November 25, 2024, Cassava revealed disappointing outcomes from its first Phase 3 clinical trial, named the "ReThink-ALZ" study. Initially, investors were optimistic, noting the company’s strong assertions regarding the drug's potential. Unfortunately, the study results showed that simufilam did not meet any of its predetermined primary, secondary, or exploratory end points, and also underperformed when compared to a placebo. This negative news dramatically influenced the stock's performance, leading to a staggering 83.76% decline in share price—from $26.48 per share to just $4.30 on the following day.
Investors who faced financial setbacks due to these events must act quickly. According to Levi & Korsinsky, the deadline to request to be appointed as lead plaintiff in this case is February 10, 2025. Potential plaintiffs, however, need not file as lead plaintiffs to qualify for a share in any potential recovery resulting from the lawsuit.
Participation in the lawsuit comes with no financial obligations for those considered class members. Investors have every opportunity to pursue justice without upfront costs or any obligation to contribute financially.
With an impressive record spanning over 20 years in the legal field, Levi & Korsinsky possesses a proven track record of securing substantial recoveries for investors wronged by corporate misconduct. With a dedicated team of over 70 professionals, the firm is deeply experienced in navigating complex securities litigation. It has successfully appeared in ISS Securities Class Action Services' Top 50 rankings for seven consecutive years, affirming its status as a premier legal advocate for investors.
For investors interested in learning more or wanting to be part of this legal action, Cassava shareholders can reach out to Joseph E. Levi, Esq., or Ed Korsinsky, Esq. via email at info@zlk.com or by phone at (212) 363-7500. The firm's office is located at 33 Whitehall Street, 17th Floor, New York, NY 10004.
In summary, the unfolding class action against Cassava Sciences presents a critical opportunity for affected investors to reclaim losses as they navigate a turbulent market environment, showcasing the importance of awareness and timely action in the face of corporate legal challenges.
Background of the Lawsuit
The initiated lawsuit aims to bring justice for shareholders who suffered losses during this time frame, specifically connected to Cassava’s standout drug candidate, simufilam. Promising assertions were made by the company regarding simufilam's efficacy in treating Alzheimer’s Disease. However, according to the lawsuit, subsequent results from key studies deviated from those initial expectations.
On November 25, 2024, Cassava revealed disappointing outcomes from its first Phase 3 clinical trial, named the "ReThink-ALZ" study. Initially, investors were optimistic, noting the company’s strong assertions regarding the drug's potential. Unfortunately, the study results showed that simufilam did not meet any of its predetermined primary, secondary, or exploratory end points, and also underperformed when compared to a placebo. This negative news dramatically influenced the stock's performance, leading to a staggering 83.76% decline in share price—from $26.48 per share to just $4.30 on the following day.
Next Steps for Investors
Investors who faced financial setbacks due to these events must act quickly. According to Levi & Korsinsky, the deadline to request to be appointed as lead plaintiff in this case is February 10, 2025. Potential plaintiffs, however, need not file as lead plaintiffs to qualify for a share in any potential recovery resulting from the lawsuit.
Cost-Free Participation
Participation in the lawsuit comes with no financial obligations for those considered class members. Investors have every opportunity to pursue justice without upfront costs or any obligation to contribute financially.
Why Choose Levi & Korsinsky?
With an impressive record spanning over 20 years in the legal field, Levi & Korsinsky possesses a proven track record of securing substantial recoveries for investors wronged by corporate misconduct. With a dedicated team of over 70 professionals, the firm is deeply experienced in navigating complex securities litigation. It has successfully appeared in ISS Securities Class Action Services' Top 50 rankings for seven consecutive years, affirming its status as a premier legal advocate for investors.
Contact Information
For investors interested in learning more or wanting to be part of this legal action, Cassava shareholders can reach out to Joseph E. Levi, Esq., or Ed Korsinsky, Esq. via email at info@zlk.com or by phone at (212) 363-7500. The firm's office is located at 33 Whitehall Street, 17th Floor, New York, NY 10004.
In summary, the unfolding class action against Cassava Sciences presents a critical opportunity for affected investors to reclaim losses as they navigate a turbulent market environment, showcasing the importance of awareness and timely action in the face of corporate legal challenges.
Topics Financial Services & Investing）
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