Cassava Sciences Engages With DOJ And SEC Amid Ongoing Investigations; Company Board Empowers Ad Hoc Committee For Internal Investigation Based On SEC Findings
Portfolio Pulse from Benzinga Newsdesk
Cassava Sciences is engaging with the DOJ and SEC amid ongoing investigations. The company's board has empowered an ad hoc committee for an internal investigation based on SEC findings. Dr. Hoau-Yan Wang, a former scientific advisor to Cassava, has been indicted by the DOJ for allegedly defrauding the NIH with false research data.
July 01, 2024 | 12:07 pm
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Cassava Sciences is facing legal and regulatory scrutiny as it engages with the DOJ and SEC. The company's board has empowered an ad hoc committee for an internal investigation based on SEC findings. Additionally, Dr. Hoau-Yan Wang, a former scientific advisor, has been indicted for allegedly defrauding the NIH.
The engagement with the DOJ and SEC, along with the indictment of a former advisor, creates significant legal and regulatory risks for Cassava Sciences. This could negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100