NEW YORK, July 10, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Cassava Sciences, Inc. (NASDAQ: SAVA), Cognyte Software (NASDAQ: CGNT), Singularity Future Technology, Inc. (NASDAQ: SGLY), and Lightwave Logic, Inc. (NASDAQ: LWLG). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Cassava Sciences, Inc. (NASDAQ: SAVA)
On April 18, 2022, The New York Times published an article entitled “Scientists Question Data Behind an Experimental Alzheimer’s Drug.” The article addressed Cassava’s experimental Alzheimer’s drug, simufilam, and reported that one of Cassava’s advisers, Dr. H.Y. Wang, had five papers he authored retracted from the scientific journal PLoS One after an in-depth investigation revealed “serious concerns about the integrity and the reliability of the results.”
On this news, Cassava’s stock price fell sharply during intraday trading on April 19, 2022.
For more information on the Cassava investigation go to: https://bespc.com/cases/SAVA
Cognyte Software (NASDAQ: CGNT)
On April 5, 2022, Cognyte reported its fourth quarter 2021 financial results, including revenue of $125 million, which was about $3.5 million below the midpoint of the Company’s own guidance. Cognyte cited “lower conversions within its product pipeline,” along with supply chain issues. During the related conference call, Cognyte’s Chief Executive Officer stated that “a longer sales cycle [resulted] in the lower-than-expected bookings in Q4” and acknowledged that management “didn’t execute well.”
On this news, Cognyte’s stock fell $3.63, or 31.1%, to close at $8.03 per share on April 5, 2022, thereby injuring investors.
For more information on the Cognyte investigation go to: https://bespc.com/cases/CGNT
Singularity Future Technology, Inc. (NASDAQ: SGLY)
On May 5, 2022, Hindenburg Research (“Hindenburg”) published a report entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is a fugitive, on the Run for Allegedly Operating a Massive Ponzi Scheme.’ The Hindenburg report alleged, among other things, that ‘singularity’s CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims” and “fled to the U.S. while at least 28 other individuals involved in the case were sentenced to prison terms ranging from 6 months to 15 years.” The Hindenburg report further alleged that “Singularity’s massive [cryptocurrency] mining rig deal appears to be a brazen undisclosed related party deal” and that “[w]e see little evidence that Singularity’s ‘proprietary’ crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity’s miners match precisely with another brand called KOI Miner.”
On this news, Singularity’s stock price fell $1.95 per share, or 28.89%, to close at $4.80 per share on May 5, 2022.
For more information on the Singularity Future investigation go to: https://bespc.com/cases/SGLY
Lightwave Logic, Inc. (NASDAQ: LWLG)
On June 2, 2022, during trading hours, market analyst Kerrisdale Capital published a report entitled “Lightwave Logic, Inc. (LWLG): A High-Frequency Failure” which alleged, among other things, that “[u]nderneath the façade of accomplishment… is almost nothing of substance[,]” and that “Lightwave hasn’t ever come close to commercializing anything: in the 15 years since it’s gone public, it has generated a toal of about $6 thousand in revenues, which stands in start contrast to the steady stream of promotional announcements celebrating overhyped prototype completions, product tests, and patents over that time.” The report also alleged that “Lightwave’s polymer ‘technology’ is behind the curve and the feasibility of a manufacturing process to commercialize it [and] may never be achieved[.]”
On this news, Lightwave Logic’s stock fell $0.99 per share, or 12%, to close at $6.94 per share on June 2, 2022, on unusually heavy trading volume.
For more information on the Lightwave Logic investigation go to: https://bespc.com/cases/LWLG
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.