In June 2024, the United States Department of Justice charged an advisor to Cassava Sciences, Hoau-Yan Wang, with fraud over research results related to the experimental drug. Less than a month later, the president, chief executive officer and chairman of the board, Remi Barbier, resigned along with Lindsay Burns, his wife,[1] who was a Cassava senior vice president and Wang's co-author. The U.S. Securities and Exchange Commission (SEC) filed fraud charges in September 2024 against Cassava, Barbier, Burns and Wang. The parties did not admit wrongdoing, but a settlement of the SEC charges, pending court approval, would fine Cassava $US40 million, Barbier $175 thousand, Burns $85 thousand and Wang $50 thousand.
Sep 26, 2024 — The Securities and Exchange Commission today filed charges against Cassava Sciences, Inc., its founder and former CEO, Remi Barbier.
Due to the promise of its experimental Alzheimer's drug, Cassava Sciences stock became the sixth-best stock of 2021, driving the company's value to over $US5 billion, with the stock price reaching $125 per share.
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