NEW ORLEANS, June 24, 2023 (GLOBE NEWSWIRE) -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Cassava Sciences, Inc. (NasdaqCM: SAVA).
Beginning in August 2021, the Company was the subject of allegations of data manipulation and misrepresentation in the research underpinning its Alzheimer's drug, simufilam. The Company issued a statement claiming that the clinical data had been generated by Quanterix Corp. (“Quanterix”), an independent company, implying that the reanalysis was objective and valid; however, Quanterix subsequently denied the Company’s claims, stating that it “did not interpret the test results or prepare the data.” Then in November 2021, it was reported that the U.S. Securities and Exchange Commission and the National Institutes of Health had opened investigations into the Company’s simufilam research. In July 2022, media sources reported that the U.S. Justice Department had also opened a criminal investigation into the matter.
The Company and certain of its executives have been sued in a securities class action lawsuit for failing to disclose material information during the Class Period in violation of federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss, allowing the case to move forward.
KSF’s investigation is focusing on whether Cassava’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Cassava shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqcm-sava/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
