SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in ACADIA Pharmaceuticals Inc. of...
April 24 2015 - 5:37PM
Pomerantz LLP has filed a class action lawsuit against ACADIA
Pharmaceuticals Inc. (“ACADIA” or the “Company”) (Nasdaq:ACAD) and
certain of its officers. The class action, filed in
United States District Court, Southern District of California, is
on behalf of a class consisting of all persons or entities who
purchased ACADIA securities between February 26, 2015 and March 11,
2015, inclusive (the “Class Period”). This class action seeks
to recover damages against Defendants for alleged violations of the
federal securities laws under the Securities Exchange Act of 1934
(the “Exchange Act”).
If you are a shareholder who purchased ACADIA securities during
the Class Period, you have until May 12, 2015 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To
discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
ACADIA is a biopharmaceutical company focused on the development
and commercialization of medicines to address unmet medical needs
in neurological and related central nervous system disorders.
ACADIA has a pipeline of product candidates led by NUPLAZID™
(pimavanserin), which is in Phase III development as a treatment
for Parkinson's disease psychosis ("PDP").
The Complaint alleges that throughout the Class Period,
Defendants made false and misleading statements and/or failed to
disclose adverse facts regarding the timing of Acadia's submission
of its New Drug Application ("NDA") to the FDA for NUPLAZID. As a
result of defendants' false and misleading statements or omissions
during the Class Period, ACADIA securities traded at
artificially inflated prices, with its stock trading at prices
above $45 per share.
On March 11, 2015, ACADIA issued a press release announcing a
change in the timing of its planned New Drug Application ("NDA")
submission to the U.S. Food and Drug Administration ("FDA") for
NUPLAZID. The Company had previously planned to submit the NDA for
NUPLAZID in the first quarter of 2015, now, however, it planned to
submit its NUPLAZID NDA for the treatment of PDP in the second half
of 2015.
In a separate press release the same day, ACADIA announced the
abrupt retirement of the Company's Chief Executive Officer ("CEO")
and director, Uli Hacksell ("Hacksell").
As a result of this news, ACADIA common stock dropped $9.94 per
share to close at $34.82 per share on March 12, 2015, a one-day
decline of 22% on volume of 15 million shares.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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