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Bozorgi v. Cassava Sciences — 5th Cir. (Aug 3, 2026)

No. 25-50855 Argued August 3, 2026 Published August 8, 2026; updated August 22, 2026

The Fifth Circuit reviews certification of a securities-fraud class against Cassava Sciences and three executives. Investors say Cassava misled the market about simufilam, its experimental Alzheimer's drug. Their class depends on showing that public information was reflected in Cassava's stock price, so reliance can be presumed for all investors. The defendants say the volatile stock behaved like a meme stock, and they also challenge the class-wide damages method. A later settlement raises a separate question: whether this interlocutory appeal should continue.

Bozorgi v. Cassava Sciences (No. 25-50855) — U.S. Court of Appeals for the Fifth Circuit, argued August 3, 2026.

Sources
Argument audio — U.S. Court of Appeals for the Fifth Circuit (public domain, 17 U.S.C. § 105):https://www.ca5.uscourts.gov/OralArgRecordings/25/25-50855_08-03-2026.mp3
Argument listing — Fifth Circuit:https://www.ca5.uscourts.gov/oral-argument-recordings/results?from=2026-08-03&to=2026-08-03
Argument calendar — Fifth Circuit:https://www.ca5.uscourts.gov/court-calendars/sitting?d=2026-08-03
Appellate docket — PACER entries mirrored by Justia:https://dockets.justia.com/docket/circuit-courts/ca5/25-50855
Class-certification order — Western District of Texas:https://caselaw.findlaw.com/court/us-dis-crt-w-d-tex-aus-div/117603864.html
Earlier district-court order — GovInfo:https://www.govinfo.gov/content/pkg/USCOURTS-txwd-1_21-cv-00751/pdf/USCOURTS-txwd-1_21-cv-00751-0.pdf
Cassava settlement disclosure — SEC Form 8-K:https://www.sec.gov/Archives/edgar/data/0001069530/000143774925038605/sava20251222_8k.htm
Appellants' case discussion — Gibson Dunn:https://www.gibsondunn.com/securities-litigation-2025-year-end-update/
Amicus case page and brief — U.S. Chamber of Commerce:https://www.uschamber.com/cases/class-actions-and-mass-actions/bozorgi-v.-cassava-sciences-inc.
Gregg Costa — Gibson Dunn:https://www.gibsondunn.com/lawyer/costa-gregg-j/
Joseph D. Daley — Robbins Geller:https://www.rgrdlaw.com/attorneys-results.html
Joseph David Daley — State Bar of California:https://apps.calbar.ca.gov/attorney/Licensee/Detail/185743
Decision search — Fifth Circuit:https://www.ca5.uscourts.gov/opinions?docket=25-50855

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