Cassava SciencesNASDAQ: SAVA

Cassava Sciences SAVA has engaged the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) amid ongoing investigations into the company and two senior employees.

Shares of Cassava Sciences (NASDAQ: SAVA ), which has an Alzheimer's drug candidate called simufilam, fell 35% on June 28 and another 13% over the weekend. This move in SAVA stock comes after a key science advisor was charged with defrauding the National Institutes of Health (NIH).

A former consultant to Cassava was indicted for alleged fraud related to NIH grants. Cassava received some federal funding related to these grants.

Shares of biotech company Cassava Sciences Inc. plummeted on Friday after a federal grand jury indicted a onetime science advisor to Cassava and charged him with falsifying data to obtain millions of dollars in government funds — the latest drama for a company that has faced questions over its efforts to develop an experimental Alzheimer's disease drug.

A federal indictment accuses a Cassava Sciences advisor of faking data to secure NIH grants. The company also faces shareholder suits.

AUSTIN, Texas, June 28, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), reported it has learned today that a federal grand jury returned an indictment charging Hoau-Yan Wang for allegedly defrauding the U.S. National Institutes of Health (NIH). Hoau-Yan Wang was a tenured medical professor at a public university's medical school as well as a former paid science advisor to Cassava Sciences.

After reaching an important support level, Cassava Sciences, Inc. (SAVA) could be a good stock pick from a technical perspective. SAVA recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.

AUSTIN, Texas, March 04, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), a clinical-stage biotechnology company focused on Alzheimer's disease, today announced plans to present a virtual oral presentation at the International Conference on Alzheimer's and Parkison's Disease (AD/PD 2024) taking place in Lisbon, Portugal from March 5-9, 2024.

Cassava Sciences stock is down due to questions about some of its research. A lot is riding on its late-stage clinical trials to produce favorable data.