Official announcements from the SEC

Cassava Sciences, Founder, and CUNY Scientist Settle SEC Charges Over Alzheimer's Data Manipulation

Sep 26, 2024, 10:53 PM

Cassava Sciences Inc. (NASDAQ: SAVA) and two former executives have settled with the Securities and Exchange Commission (SEC) for $40 million over charges of misleading claims regarding their Alzheimer's clinical trial. The SEC alleges that the company falsified data from their Phase 2b trial, which showed no measurable cognitive improvement in patients' episodic memory. Key figures involved include founder Remi Barbier, his wife Lindsay Burns, and Dr. Wang of the City University of New York (CUNY), who were charged with manipulating research results. Despite these allegations, Cassava Sciences maintains a market valuation of $1.5 billion, and its stock performance remains strong over the past one, two, and five years.