Hoau-Yan Wang Charged with $16 Million Fraud in Alzheimer's Research, Cassava Sciences Shares Plunge

Jun 28, 2024, 05:59 PM

Hoau-Yan Wang, a 67-year-old professor and collaborator with Cassava Sciences, has been charged with fabricating and falsifying scientific data in grant applications submitted to the National Institutes of Health (NIH). The fraudulent activities, which spanned from May 2015 to April 2023, involved securing $16 million in public funds for Alzheimer's research. Wang, who is affiliated with CUNY, faces charges of major fraud, wire fraud, and making false statements, which could result in up to 55 years in prison if convicted. The Department of Justice (DoJ) indictment has led to a significant drop in Cassava Sciences' stock price, with shares falling as much as 68% and trading being halted multiple times.