Investors File Class Action Against Cassava Sciences, Seeking Justice and Recovery

Class Action Lawsuit Alleges Fraud by Cassava Sciences

A class action lawsuit has been initiated against Cassava Sciences, Inc. (NASDAQ: SAVA), prompting concern among investors who claim they were misled regarding the company's promising drug candidate for Alzheimer's Disease. Filed by the law firm Levi & Korsinsky, LLP, this litigation is aimed at recovering losses for those affected during the period from February 7, 2024, to November 24, 2024.

The lawsuit has been triggered by allegations of securities fraud against the company, particularly in relation to its leading product, simufilam. Statements made by Cassava regarding the efficacy of simufilam seemed to instill confidence among investors; however, this optimism quickly turned to despair when *Cassava released the results from the ReThink-ALZ Phase 3 trial.

Shocking Trial Results

On November 25, 2024, the preliminary results from this critical study indicated that simufilam did not meet any of the expected primary, secondary, or exploratory endpoints. In other words, the drug failed to outperform a placebo. Following this disturbing announcement, Cassava's stock plummeted from $26.48 a share on November 22, 2024, to a staggering low of $4.30 by November 25—an astonishing decline of approximately 83.76% in just 24 hours. This dramatic drop has left many investors feeling blindsided and seeking reparations for their losses.

What Investors Need to Know

The lawsuit is specifically looking to represent investors who suffered financial damage due to the alleged deceptive practices. Those seeking to participate must act swiftly; the deadline to request appointment as lead plaintiff is February 10, 2025. However, potential claimants are reassured that participating in the recovery process does not require one to be designated as a lead plaintiff.

Moreover, investors should note that for members of this class action, participation is free of charge. No out-of-pocket expenses or legal fees will be incurred, making it a risk-free opportunity for affected investors to seek compensation.

The Levi & Korsinsky Advantage

Levi & Korsinsky has established itself as a formidable presence in the realm of securities litigation over the last two decades. With a track record of securing hundreds of millions of dollars for shareholders, the firm is well-equipped to handle high-stakes cases like this one. It boasts a dedicated team of over 70 professionals committed to advocating for their clients' rights concerning complex securities issues. In fact, for seven consecutive years, the firm has consistently ranked among the top 50 securities litigation firms in the United States, according to ISS Securities Class Action Services.

Next Steps for Cassava Investors

For those who believe they've been affected by these recent developments surrounding Cassava Sciences, contacting the firm's representatives is an essential step. Joseph E. Levi and his team offer a supportive hand for investors navigating these turbulent waters. Interested parties can reach out via telephone at (212) 363-7500* or explore further information through the firm's website.

As legal proceedings unfold, this class action case could set a noteworthy precedent in shareholder rights and corporate accountability, providing much-needed clarity and justice to investors caught in the turmoil surrounding Cassava Sciences' stock fall.