STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of purchasers of ACADIA Pharmaceuticals Inc. (“ACADIA” or the “Company”) (Nasdaq: ACAD) securities during the period between February 26, 2015 and March 11, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 12, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in ACADIA securities purchased on or after February 26, 2015 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that, contrary to the insistence by Uli Hacksell, the Company’s CEO, that the new drug application (“NDA”) for NUPLAZID was on track for submission to the FDA in the first quarter of 2015, that plan to submit the NDA for NUPLAZID in the first quarter of 2015 was imprudent and should have been delayed to allow more time to complete the readiness of the Company’s commercial manufacturing systems. According to the complaint, following the announcement by the Company’s new CEO, Steven Davis, on March 11, 2015 that, indeed, submission of the NDA for NUPLAZID would not take place in the first quarter of 2015, but, rather, was planned for the second half of 2015 because it was more prudent for the Company to submit the NDA for NUPLAZID after the Company took more time to complete the readiness of the Company’s commercial manufacturing systems to allow those systems to be ready for FDA review, the value of ACADIA shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.