Cassava Sciences (SAVA) shares dropped more than 11% after the company agreed to a $40 million settlement with the 澳洲幸运5官方开奖结果体彩网:S🦋ecurities and Exchange Comm🎃ission (SEC) over charges that it manipulated 澳洲幸运5官方开奖结果体彩网:clinical trial data related to its Alzheimer’s disease drug.

The company, along with two former executives, made “misleading statements” in September 2020 about the results of a Phase 2 trial of Cassava’s drug simufilam, the SEC said Thursday.

The medical professor who co-developed the drug manipulated the results so that it appeared the drug had shown dramatic success treading Alzheimer's, the SEC said. The settlement was made without Cassava confirming or denying the SEC's findings.

The SEC fou🔴nd that Cassava misled investors by claiming the trial was conducted in blind conditions and by not r♒evealing their co-developer’s role. The company also falsely claimed that simufilam improved patients’ cognition by only disclosing a portion of the data, the SEC said. 

In addition to the $40 million settlement from Cassava, then-ওCEO Remi Barbier agreed to pay $175,000. (A former senior vice president was also named in the settlement.) Richard Barry took the r🃏eins as CEO of Cassava earlier this month after being named the company’s executive chairman in July. 

Despite Friday's slide, shares of Cassava are still up some 25% this year.