SAVA Stock Recent News

Casava stock falls as the company agrees to pay a cumulative fine exceeding $40 million to settle misleading claims charges brought against it by the SEC.

The biotech is paying $40 million not to acquire a drug or fund a development program, but to satisfy a regulator. The money is going toward a settlement with the Securities and Exchange Commission.

Alzheimer's drug developer Cassava Sciences Inc SAVA, its founder Remi Barbier, and former Senior VP of Neuroscience Lindsay Burns have agreed to pay over $40 million to resolve SEC charges over misleading statements related to a Phase 2 trial of the company's controversial Alzheimer's drug, simufilam.

Shares of Cassava Sciences Inc. dropped more than 10% in the extended session Thursday after announcing a settlement with U.S. securities regulators, who had charged the pharma company and two former executives for “misleading claims” about an Alzheimer's clinical trial.

AUSTIN, Texas, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (“Cassava” or the “Company”) (Nasdaq: SAVA), a biotechnology company focused on Alzheimer's disease, today announced that it has reached a settlement with the U.S. Securities and Exchange Commission (“SEC”) of negligence-based disclosure charges that resolve a previously-disclosed SEC investigation into statements made by the Company pertaining to the results of its 2020 Phase 2b clinical trial of simufilam and related matters. Two former senior employees of the Company also settled negligence-based disclosure charges brought by the SEC.

Washington, D.C.--(Newsfile Corp. - September 26, 2024) - The Securities and Exchange Commission today announced Cassava Sciences, Inc., its founder and former CEO, Remi Barbier, and its former Senior Vice President of Neuroscience, Dr. Lindsay Burns, will pay more than $40 million to settle charges related to misleading statements made in September 2020 about the results of a Phase 2 clinical trial for the company's purported therapeutic for the treatment of Alzheimer's disease.

AUSTIN, Texas, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), a biotechnology company focused on Alzheimer's disease, today announced the completion of a third interim safety review of simufilam in on-going Phase 3 clinical trials in patients with Alzheimer's disease. A routine, scheduled meeting of a Data and Safety Monitoring Board (DSMB) resulted in a recommendation that both of Cassava Sciences' on-going Phase 3 studies continue as planned, without modification.

AUSTIN, Texas, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), a clinical-stage biotechnology company focused on Alzheimer's disease, announced today that it has been invited to present at the H.C. Wainwright 26th Annual Global Investment Conference, being held in New York.

Cassava Sciences NASDAQ: SAVA has become a hot topic among traders and active market participants thanks to its recent surge in volatility, liquidity, and overall market performance. Over the past month, shares have climbed 133% and are now more than 190% above their 52-week low.

Cassava Sciences, Inc. announced its Q2 earnings earlier today. Management says it hopes to share pivotal Phase 3 study data for Alzheimer's drug candidate simufilam in 2024. The CEO and Head of Research resigned from the company a few weeks ago — possibly related to an ongoing SEC investigation into Cassava.