NEW YORK, May 8, 2015 /PRNewswire/ -- 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.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-acadia-pharmaceuticals-inc-of-class-action-lawsuit-and-upcoming-deadline--acad-300080424.html
SOURCE Pomerantz LLP