Cassava Sciences (SAVA) has agreed to pay a $40 million fine to settle charges from the U.S. Securities and Exchange Commission (SEC) over allegedly misleading statements about the results of its 2020 mid-stage study of simufilam for Alzheimer's disease. Despite settling, the company did not admit to or deny the SEC's allegations. The SEC also brought charges against two former senior executives, including founder and ex-CEO Remi Barbier and former senior vice president of Neuroscience, Dr. Lindsay Burns. T ...

Without admitting wrongdoing, the company put a regulatory controversy to rest, but this was expensive. Cassava Sciences (SAVA -10.62%) ended the week with a piece of dispiriting news. It's going to reach deep into its coffers to settle charges brought by the most important financial-markets regulator governing its affairs. Many investors had enough of the company and sold off its stock to the point where it lost nearly 11% of its value across the Friday trading session. That was a far steeper fall than the ...

Core Viewpoint - Cassava Sciences Inc and its executives have agreed to pay over $40 million to resolve SEC charges related to misleading statements about the efficacy of their Alzheimer's drug, simufilam, during a Phase 2 trial [1][4]. Group 1: SEC Investigation Findings - The SEC's investigation revealed that Cassava disclosed manipulated data in September 2020, which falsely indicated significant improvements in Alzheimer's biomarkers such as total tau and phosphorylated tau [2]. - Dr. Hoau-Yan Wang, a consultant and co-developer of the drug, was found to have manipulated trial results by selecting a subset of patients based on unblinded data, creating an illusion of efficacy [2][3]. - Cassava and its executives misled investors by promoting the drug's cognitive benefits while failing to disclose that the complete dataset showed no measurable cognitive improvement [3]. Group 2: Settlement Details - As part of the settlement, Cassava will pay $40 million, while founder Remi Barbier and former Senior VP Lindsay Burns will pay $175,000 and $85,000, respectively [4]. - Barbier and Burns will be banned from serving as officers or directors for three and five years, respectively [4]. - Dr. Wang agreed to cease future violations and pay a $50,000 fine without admitting or denying the charges [4]. Group 3: Company Updates - CEO Rick Barry indicated that the company is in the final stages of testing simufilam, emphasizing significant financial and emotional stakes [5]. - Cassava Sciences recently completed its third interim safety review for simufilam, with the Data and Safety Monitoring Board recommending that both Phase 3 trials continue without changes [5]. Group 4: Stock Performance - Following the news, SAVA stock experienced a decline of 10.90%, trading at $28.40 during the premarket session [6].

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 for ...

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. In a related order, the SEC ...

An Independent Data and Safety Monitoring Board (DSMB) Recently Evaluated the Interim Patient Safety Database for Oral Simufilam in On-going Phase 3 Trials. The DSMB Recommended Both Phase 3 Trials Continue as Planned, Without Modification. Final Clinical Safety Data for Simufilam Are Expected at the Conclusion of the Phase 3 Program. AUSTIN, Texas, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), a biotechnology company focused on Alzheimer's disease, today announced the completion ...

Cassava Sciences Today SAVA Cassava Sciences $21.85 -4.17 (-16.03%) 52-Week Range $8.79 ▼ $42.20 Price Target $119.00 Add to Watchlist 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. With its recent spike and increasing volatility and popularity in the headlines, the question ar ...

J Studios/DigitalVision via Getty Images Investment Overview Austin, Texas-based Cassava Sciences, Inc. (NASDAQ:SAVA) announced its Q2 2024 earnings today, and in early trading today, shares have dipped in value by ~5%, falling to $29 per share, which translates to a market cap valuation for the company of $1.4bn. I last covered Cassava in early July, discussing the indictment of a key Cassava advisor, Dr. Hoau-Yan Wang, for alleged fraud. In that note, I gave Cassava stock a "hold" rating. However, shares ...

Last month, we took a look at three biotech stocks following a historically bullish month for biotech exchangetraded fund (ETF) SPDR S&P Biotech ETF (XBI). Today, we'd will take a look at two more biotech names as they stage outsized moves in opposing directions. TG Therapeutics Inc (NASDAQ:TGTX) stock is up 23.2% to trade at $21.20 at last check, and headed for its largest single-day percentage gain since February, after the company's second-quarter earnings beat estimates by 157%. On the charts, TGTX shar ...

Cassava Sciences (NASDAQ:SAVA) stock is a hot topic among traders on Tuesday alongside a few important pieces of news that investors need to know about this morning. First off, traders will note that SAVA is a trending stock today. This had it claiming one of the top 10 spots on Yahoo Finance's Trending Tickers tab earlier this morning. While interest has waned a little since then, investors are still wondering what's behind the extra attention for the stock. One thing that's worth noting is that SAVA stock ...