Reuters reveals U.S. opens criminal probe into Cassava Sciences over Alzheimer’s research; shares drop

Reuters exclusively reported that the U.S. Justice Department has opened a criminal investigation into Cassava Sciences involving whether the biotech company manipulated research results for its experimental Alzheimer’s drug. The probe adds to scrutiny on the company from the U.S. Securities and Exchange Commission and investors after two physicians made allegations of data manipulation and misrepresentation involving research underpinning the company’s Alzheimer’s drug, called simufilam. Shares in Cassava fell more than 30% after Reuters revealed the news.