#United States #Kahn Swick & Foti #New Orleans #Charles Foti #Cassava Sciences

Cassava Sciences Faces Class Action Lawsuit

Investors in Cassava Sciences, Inc., a company publicly traded on Nasdaq under the ticker symbol SAVA, have been alerted to a significant legal development that may affect their financial interests. Kahn Swick & Foti, LLC (KSF), led by former Louisiana Attorney General Charles C. Foti, Jr., has issued a reminder to shareholders who have incurred losses exceeding $100,000 that they have until February 10, 2025, to file lead plaintiff applications in a class action lawsuit against the firm. This lawsuit pertains to events that transpired between February 7, 2024, and November 24, 2024, marking a critical period for investors involved with Cassava Sciences.

The necessity for this legal action arises from serious allegations against Cassava Sciences and its executives regarding the failure to disclose essential information during the defined Class Period, a potential violation of federal securities laws. On November 25, 2024, the company released disappointing results from its Phase 3 study of its lead drug candidate, simufilam, known as the "ReThink-ALZ" study. The findings indicated that simufilam did not perform better than placebo, failing to meet any of the critical endpoints outlined before the trial.

The immediate aftermath of this announcement was drastic. Shareholders saw a staggering decline of approximately 83% in the company's stock price, which plummeted from $26.48 per share on November 22, 2024, to just $4.30 per share within a mere three days. This sharp drop serves as a stark reminder of the volatility in the healthcare and pharmaceutical sectors, particularly when it involves groundbreaking drug treatments. Investors who feel their rights have been compromised due to misleading information from the company's leadership are now facing a ticking clock to respond.

Kahn Swick & Foti is encouraging affected shareholders to consider their options actively. For those who purchased Cassava's securities during the Class Period and wish to explore their legal rights, they can reach out to managing partner Lewis Kahn for a consultation free of charge. This consultation aims to inform investors on how they may recover their economic losses and the potential implications of this ongoing legal issue. Interested parties can contact Kahn by calling toll-free at 1-877-515-1850 or via email at lewis.kahn@ksfcounsel.com, or they can visit the official KSF website for more details.

The case named is Crocker v. Cassava Sciences, Inc., et al., with the case number No. 24-cv-1525, currently pending in the United States District Court for the Western District of Texas. The outcome of this lawsuit, depending on its progression and findings, may have lasting implications on both the investors and Cassava Sciences as a company, particularly regarding its reputation and financial stability in the competitive pharmaceutical landscape.

Kahn Swick & Foti, LLC stands out in the legal field as a prominent boutique securities litigation firm. With a background in assisting various clients, including institutional investors and hedge funds, the firm specializes in recovering investments lost to corporate misconduct. The firm's extensive experience is evident through its various offices across major U.S. cities, including New York, Delaware, California, and beyond.

As the deadline for filing as a lead plaintiff approaches, shareholders impacted by Cassava Sciences's recent revelations must act swiftly to protect their interests. The outcome of this lawsuit could be pivotal, not just for individual investors but also for the future direction of Cassava Sciences and its ongoing projects in the pharmaceutical industry.