1. SAVA faces class action due to misleading simufilam statements. 2. Stock plummeted 83.76% after Phase 3 study results failed. 3. Shareholders can register for lead plaintiff by February 10, 2025.
The significant stock price drop indicates loss of investor confidence, mirroring past cases where major trial failures led to severe declines in biotech stocks.
The article discusses ongoing lawsuits directly tied to investor confidence and potential financial recovery, crucial for SAVA.
Immediate effects on SAVA’s stock price are expected due to ongoing legal implications and investor reactions to the failed study.
The Gross Law Firm issues the following notice to shareholders of Cassava Sciences, Inc. (NASDAQ: SAVA).
Shareholders who purchased shares of SAVA during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CLASS PERIOD:
February 7, 2024 to November 24, 2024
ALLEGATIONS:
According to the complaint, defendants provided investors with material information concerning Cassava's leading drug candidate, simufilam. Defendants' statements included, among other things, clear confidence in simufilam's ability to treat Alzheimer's Disease. On November 25, 2024, Cassava released topline results for the first of its two ongoing Phase 3 studies on simufilam, the "ReThink-ALZ" study. The results indicated that simufilam failed to meet each of the pre-specified primary, secondary, and exploratory endpoints; in sum, simufilam failed to outperform the placebo. Following this news, the price of Cassava's common stock declined dramatically. From a closing market price of $26.48 per share on November 22, 2024, Cassava's stock price fell to $4.30 per share on November 25, 2024, a decline of about 83.76% in the span of just a single day.
DEADLINE:
February 10, 2025 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/cassava-sciences-inc-loss-submission-form-2/?id=123366&from=4
NEXT STEPS FOR SHAREHOLDERS:
Once you register as a shareholder who purchased shares of SAVA during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is February 10, 2025. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM?
The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE The Gross Law Firm