- Cassava Sciences ( NASDAQ: SAVA ) announced Thursday the submission of a federal lawsuit against those who conducted a “short and distort” campaign targeting the Alzheimer’s drug developer.
- The company, which advances an experimental Alzheimer’s therapy called Simufilam,” alleges in the 150+ page complaint that defendants led to a sharp decline in its share price, wiping off multi-billion-dollar value from its market cap through a “disinformation campaign.”
- “Defendants saw an opportunity to manipulate a stock price and financially benefit from their ‘short positions’ by defaming a company developing a drug for people with Alzheimer’s disease, a condition that afflicts millions of people,” the lawsuit read.
- Cassava Sciences ( SAVA ) said that the complaint contains more than 1,000 “false and defamatory statements” submitted to the FDA and evidence of defendants’ online or social media conduct.
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Cassava Sciences files federal lawsuit against short sellers