Defendant Name:
Cassava Sciences, Inc.
Defendant Type:
Public Company
Document Reference:
LR-26132
Document Details
Legal Case Name
SEC v. Cassava Sciences, Inc., Remi Barbier; and Lindsay Burns
Document Name
SEC Charges Cassava Sciences, Two Former Executives for Misleading Claims About Alzheimer's Clinical Trial
Document Date
26-Sep-2024
Document Format
Civil Proceeding
Case Number
24-cv-01150
Federal District Court
Texas, Western District of Texas
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 26, 2024, the SEC stated that: "[It] fi led charges against Cassava Sciences, Inc., its founder and former CEO, Remi Barbier, and its former Senior Vice President of Neuroscience, Dr. Lindsay Burns, related to misleading statements made in September2020 about the results of a Phase 2 clinical trial for the company’s purported therapeutic for the treatment of Alzheimer’s disease."
Disgorgement & Penalty Information
Monetary Penalties:
Civil Penalty
Individual:
$40,000,000.00
Shared:
Related Documents:
Complaint
The SEC stated: "This case involves Defendant Cassava Sciences, Inc.'s ("Cassava") misleading statements about the results of its Phase 2b clinical trials for Cassava's drug candidate PTI-125,1 a potential therapy for the treatment of Alzheimer's disease, and the role of Defendants Remi Barbier, Cassava's founder and former Chairman and CEO, and Dr. Lindsay Burns, Cassava's former Senior Vice President of Neuroscience, in those disclosures."
2024-151
26-Sep-2024
Press Release--Civil Action
SEC Charges Cassava Sciences, Two Former Executives for Misleading Claims About Alzheimer's Clinical Trial; Cassava-affiliated university scientist also charged for manipulating clinical trial results
On September 26, 2024, the SEC "announced Cassava Sciences, Inc., its founder and former CEO, Remi Barbier, and its former Senior Vice President of Neuroscience, Dr. Lindsay Burns, will pay more than $40million to settle charges related to misleading statements made in September 2020 about the results of a Phase 2 clinical trial for the company's purported therapeutic for the treatment of Alzheimer's disease."
Complaint
The SEC stated: "This case involves Defendant Cassava Sciences, Inc.'s ("Cassava") misleading statements about the results of its Phase 2b clinical trials for Cassava's drug candidate PTI-125,1 a potential therapy for the treatment of Alzheimer's disease, and the role of Defendants Remi Barbier, Cassava's founder and former Chairman and CEO, and Dr. Lindsay Burns, Cassava's former Senior Vice President of Neuroscience, in those disclosures."
Final Judgment as to Defendant Cassava Sciences, Inc.
On October 18, 2024, the Court issued a final judgment against Cassava Sciences, Inc., stating: "Defendant Cassava Sciences, Inc. . . . consented to entry of this Final Judgment without admitting or denying the
allegations of the Complaint (except as to jurisdiction); waived findings of fact and
conclusions of law; and waived any right to appeal from this Final Judgment."
Other Defendants in Action:
