San Diego, CA -- (SBWIRE) -- 09/09/2021 -- An investor, who purchased NASDAQ: SAVA shares, filed a lawsuit against Cassava Sciences, Inc over alleged Securities Laws violations.

Investors who purchased shares of Cassava Sciences, Inc. (NASDAQ: SAVA) have certain options and for certain investors are short and strict deadlines running. Deadline: October 26, 2021. NASDAQ: SAVA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On August 24, 2021, after the market closed, it was revealed that a Citizen Petition was filed with the United States Food and Drug Administration ("FDA") requesting that the FDA halt two ongoing trials of Cassava Sciences, Inc's proprietary drug Simufilam. The Citizen Petition alleges that the foundational science and studies supporting Cassava Sciences, Inc's use of Simufilam are based on systemic data manipulation and misrepresentation.

Shares of Cassava Sciences, Inc. (NASDAQ: SAVA) declined from $123.37 per share on August 24, 2021, to as low as $49.29 per share.

The plaintiff claims that between February 2, 2021 and August 24, 2021, the defendants made false and misleading statements and failed to disclose that the quality and integrity of the scientific data supporting Cassava Sciences' claims for simufilam's efficacy had been overstated, that the scientific data supporting Cassava Sciences' claims for simufilam's efficacy were biased; and that 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.

Those who purchased shares of Cassava Sciences, Inc. (NASDAQ: SAVA) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.