Cassava Sciences Shares Plunge After Criminal Investigation Report


Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.


  • The U.S. Justice Department has opened a criminal investigation into Cassava Sciences Inc (NASDAQ:SAVA) on whether it manipulated research results for its investigational Alzheimer's drug, Reuters reported citing two people familiar with the inquiry.
  • "To be clear: Cassava Sciences vehemently denies any and all allegations of wrongdoing," said Kate Watson Moss, a lawyer representing Cassava.
  • The company "has never been charged with a crime, and for a good reason - Cassava Sciences has never engaged in criminal conduct," Watson added.
  • Related: New York Times Report Fresh Allegations On Cassava's Simufilam Alzheimer's Trials, Shares Fall.
  • Watson Moss said, "Cassava Sciences has provided information in response to these requests in full satisfaction of its legal obligations." Watson Moss added that no government agency had accused the company of wrongdoing.
  • The company is already under SEC scrutiny after two physicians alleged data manipulation and the misrepresentation of the company's Alzheimer's drug, simufilam.
  • Price Action: SAVA shares are down 39.5% at $13.15 during the premarket session on the last check Wednesday.

Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.


ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

Posted In: BiotechNewsHealth CareSmall CapLegalMoversTrading IdeasGeneralBriefswhy it's moving