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Item 7.01. Regulation FD Disclosure.
A copy of the Company’s press release issued on November 3, 2022 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
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Item 9.01. Financial Statements and Exhibits.
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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CASSAVA SCIENCES, INC.
a Delaware corporation
Date: November 3, 2022
/s/ ERIC J. SCHOEN
Eric J. Schoen
Chief Financial Officer
Cassava Sciences Files Lawsuit Against Perpetrators of “Short and Distort” Campaign
AUSTIN, Texas – November 3, 2022 – Cassava Sciences, Inc. (Nasdaq: SAVA), a clinical-stage biotechnology company, today announced that it has filed a lawsuit in federal court against certain individuals who executed a “short and distort” campaign against the Company. The 150+ page complaint alleges that the Defendants’ disinformation campaign caused a precipitous decline in Cassava Sciences’ stock price, a multi-billion dollar decline in its market capitalization, and delayed the Company’s work in developing a treatment for Alzheimer’s disease.
The lawsuit alleges: “Defendants placed personal enrichment over science, over the health of patients, and over the truth. 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. Defendants seized that opportunity and, while enriching themselves, caused irreparable harm to the company, its attempts to find a treatment for the disease, and patients waiting for that treatment. Defendants’ conduct is beyond shameful. It is unlawful.”
The complaint identifies over 1,000 false and defamatory statements made by the Defendants in submissions to the U.S. Food and Drug Administration as well as “reports” and presentations that Defendants published online or on social media. According to the complaint, “Defendants saturated the market, investors, federal agencies, testing sites, and others with their false and defamatory message about Cassava. Defendants did not have any real or valid concerns with Cassava, its foundational science, or its tests. Defendants engaged in their saturation campaign to profit based on a decline in Cassava’s stock price.”
Cassava Sciences, Inc.
November 3, 2022
Page 2 of 2
Cassava Sciences has retained J. Erik Connolly, Managing Chair of the Litigation Group at Benesch Friedlander Coplan & Aronoff LLP to represent it in this matter. Mr. Connolly has litigated some of the largest defamation claims in the country, including a $6 billion dollar claim against ABC and multi-billion-dollar claims brought on behalf of a voting technology company against Fox News and others based on their statements following the 2020 U.S. election.
“There are serious consequences when people use disinformation as a way to deflate a company’s stock price and make money by shorting the stock,” said Mr. Connolly. “These actions not only financially hurt the Company and its investors, but they also cast a permanent cloud over research being done to try to find a treatment for a terrible disease. That is just wrong.”
Cassava Sciences, Inc.
November 3, 2022
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About Cassava Sciences, Inc.
Cassava Sciences, Inc. is a clinical-stage biotechnology company based in Austin, Texas. Our mission is to detect and treat neurodegenerative diseases, such as Alzheimer’s disease. Our novel science is based on stabilizing—but not removing—a critical protein in the brain. The Company’s product candidates have not been approved by any regulatory authority and their safety, efficacy or other desirable attributes have not been established.
For more information, please visit: https://www.CassavaSciences.com
For More Information Contact:
Eric Schoen, Chief Financial Officer, (512) 501-2450, or