According to the Complaint, Cassava Sciences, Inc. is a clinical-stage biotechnology company. The Company’s lead therapeutic drug candidate is simufilam, a small molecule drug for the proposed treatment of Alzheimer’s disease.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company failed to maintain adequate and effective data management controls and procedures related to its drug research programs; (ii) as a result, the data published in support of simufilam were susceptible to manipulation to overstate the drug's effectiveness; (iii) accordingly, Cassava had misrepresented the efficacy of its research programs and the clinical and/or commercial prospects of simufilam; (iv) all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

On May 28, 2024, the Court issued an Order transferring the case to the U.S. District Court for the Western District of Texas. The case transferred in under Docket 24-CV-00590.