Cassava Sciences falls after SEC charges co for misleading Alzheimer's drug trial claims

Filana Therapeutics

27/09/2024 10:24

** Shares of Cassava Sciences  SAVA.O  down 10.3% at $28.60
premarket 
    ** Late on Thursday, the U.S. Securities and Exchange
Commission charged SAVA and two former executives over
misleading claims about the results of Alzheimer's clinical
trials
     ** In July, federal prosecutors charged Hoau-Yan Wang, a
doctor who collaborated with Cassava, with fraud for allegedly
submitting fabricated data related to an experimental treatment
for Alzheimer's 
    ** The SEC said on Thursday the co will pay $40 million to
settle the civil charges and also charged Wang for manipulating
the trial results
    ** SAVA misled investors by saying its Alzheimer's drug
"significantly improved patient cognition", the SEC said 
    ** Up to last close, stock up 41.6% YTD 

    

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))