According to the Complaint, Cassava Sciences, Inc. is a clinical stage biotechnology company, with a focus on developing drugs for neurodegenerative diseases. This class action was filed against Cassava and two of its Officers.

During the Class Period, Defendants provided investors with material information concerning Cassava’s leading drug candidate, simufilam. Defendants’ statements included, among other things, 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. Following this news, the price of Cassava’s common stock declined dramatically.

The Complaint alleges Defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true capabilities of Cassava’s drugs; notably, that Company simply did not have a drug that was capable of abating the progression of Alzheimer’s Disease.

On May 8, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel.