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  • By The Financial District

Cassava Sciences Faces U.S. Criminal Quiz Over Alzheimer's Drug

The US Justice Department has opened a criminal investigation into Cassava Sciences Inc. involving whether the biotech company manipulated research results for its experimental Alzheimer's drug, two people familiar with the inquiry told Marisa Taylor and Mike Spector of Reuters.


Photo Insert: Watson Moss added that Cassava Sciences has received confidential requests for information from government agencies, but declined to identify those agencies.



The Justice Department personnel conducting the investigation into Austin, Texas-based Cassava specialize in examining whether companies or individuals have misled or defrauded investors, government agencies, or consumers, according to the sources, who spoke on condition of anonymity.


The sources did not provide details of the focus of the probe and whether the department was looking into any specific individuals.



As in any Justice Department investigation, this one could lead to criminal charges or be closed without any charges being brought. In an emailed statement, Kate Watson Moss, a lawyer representing Cassava, neither confirmed nor denied the existence of the Justice Department criminal probe.


"To be clear: Cassava Sciences vehemently denies any and all allegations of wrongdoing," Watson Moss said, adding that the company "has never been charged with a crime, and for good reason - Cassava Sciences has never engaged in criminal conduct."


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Watson Moss added that Cassava Sciences has received confidential requests for information from government agencies, but declined to identify those agencies.


Watson Moss said that "Cassava Sciences has provided information in response to these requests in full satisfaction of its legal obligations." Watson Moss added that no government agency has accused the company of wrongdoing.



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