Why Cassava Sciences Is Sliding Lower Today

Shares of Cassava Sciences (NASDAQ: SAVA), a clinical-stage biopharmaceutical company, plunged Wednesday after The Wall Street Journal published an article reporting that the Securities and Exchange Commission is investigating allegations about the company that surfaced earlier this year. As of 1:04 p.m. ET, the stock was down by 22.1%.

In the quarterly report it filed with the SEC on Monday, Cassava Sciences disclosed that it had received information requests from certain government agencies. The company didn't elaborate about which agencies were making requests, nor did it say what information they asked for.

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Source Fool.com