According to the Complaint, Cassava Sciences, Inc. is a clinical stage biotechnology company engaged in the development of drugs for neurodegenerative diseases. Its lead therapeutic product candidate during the Class Period was simufilam, a small molecule drug designed to treat Alzheimer’s disease, and its lead investigational diagnostic product candidate was SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer’s disease. The Company’s financial viability is largely dependent upon the clinical success of simufilam as the Company currently has no sources of revenues.

The Complaint alleges that, throughout the Class Period, Defendants made false and misleading statements and failed to disclose that: (i) the quality and integrity of the scientific data supporting Cassava Sciences’ claims for simulfilam’s efficacy had been overstated; (ii) the scientific data supporting Cassava Sciences’ claims for simulfilam’s efficacy were biased; and (iii) as a result, Defendants’ positive statements during the Class Period about Cassava Sciences’ business metrics and financial prospects and the likelihood of U.S. Food Drug Administration (“FDA”) approval were false and misleading and/or lacked a reasonable basis.

On June 30, 2022, the Court issued Orders consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-00751.

Lead Plaintiff filed a consolidated Complaint on August 18, 2022. Defendants filed a Motion to Dismiss the consolidated Complaint on October 25. On May 11, 2023, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.