Cassava Sciences Inc. filed SEC Form 8-K: Other Events

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Item 8.01.  Other Events.

 

As previously reported by Cassava Sciences, Inc. (the “Company” or “Cassava”), a shareholder derivative action (the “Action”)—captioned In re Cassava Sciences, Inc. 2020 Cash Incentive Plan Derivative Litigation, C.A. No. 2022-0737-MTZ (Del. Ch.)—was filed on August 19, 2022, purportedly on behalf of the Company, in the Court of Chancery of the State of Delaware, asserting claims under state fiduciary duty laws against certain named officers and members of the Company’s Board of Directors relating to the Company’s 2020 Cash Incentive Bonus Plan.

 

On May 28, 2024, the parties entered into a Stipulation and Agreement of Settlement, Compromise, and Release (the “Stipulation”) to resolve the Action. The Stipulation and exhibits thereto, including the proposed Notice of Pendency of Settlement of Class and Derivative Action (the “Notice”) and [Proposed] Scheduling Order with Respect to Notice and Settlement Hearing (the “Scheduling Order”), were filed in the Delaware Court of Chancery on May 28, 2024.  The Stipulation is subject to final approval by the Delaware Court of Chancery. The Stipulation, if finally approved, will cause the dismissal with prejudice of the Action.

 

On June 26, 2024, the Delaware Court of Chancery entered the Scheduling Order, which includes approval of the Notice.  Resolution of the Action is subject to approval from the Delaware Court of Chancery. The Delaware Court of Chancery set a final settlement hearing for September 9, 2024, at 3:15 p.m. ET in the Delaware Court of Chancery, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801.

 

Pursuant to the Scheduling Order, a copy of the Notice (which includes, among other things, the proposed terms and conditions to resolve the Action) is attached hereto as Exhibit 99.1. 

 

This Current Report on Form 8-K and the Notice are also available on the Company’s website at cassavasciences.com/financial-information/sec-filings. This website address is included for reference only; the information contained on the Company’s website is not incorporated by reference into this Current Report on Form 8-K.  The summary above is qualified in its entirety by reference to the Stipulation and the Notice. 

 

 

This report contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that may include but are not limited to statements regarding the proposed Stipulation and its consequences, if approved. These statements may be identified by words such as “proposed,” “subject to,” and “will” and other words and terms of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions, including, the risk that the Stipulation is not approved by the Delaware Court of Chancery. In light of such risks, uncertainties and assumptions, the forward-looking statements and events discussed in this report are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Except as required by law, the Company disclaims any intention or responsibility for updating or revising any forward-looking statements.

 

 

 

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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.