SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Acadia Pharmaceuticals, Inc. (NASDAQGS: ACAD) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between April 29, 2016 and July 9, 2018. Acadia Pharmaceuticals is a biopharmaceutical company that focuses on the development and commercialization of drugs for central nervous system disorders. The company's lead drug is NUPLAZID, which was approved by the U.S. Food and Drug Administration on April 29, 2016, for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/acadia-pharmaceuticals-july-2018/
Acadia Pharmaceuticals Accused of Making Materially False and Misleading Statements Regarding its Lead Drug Candidate
According to the complaint, throughout the class period, Acadia Pharmaceuticals touted the positive impact of NUPLAZID on its financial growth. On April 9, 2018, CNN reported that "[p]hysicians, medical researchers and other experts … [are] worried that [NUPLAZID] had been approved too quickly, based on too little evidence that it was safe or effective. And given these mounting reports of deaths, they say that more needs to be done to assess Nuplazid's true risks." On April 25, 2018, CNN reported that the FDA was re-examining the safety of NUPLAZID. On July 9, 2018, the Southern Investigative Reporting Foundation ("SIRF") reported that "evidence is mounting that something is horribly wrong with Acadia's sole drug, Nuplazid" and that "Acadia has accomplished its growth in ways that have attracted intense regulatory scrutiny for other drug companies" including "dispensing wads of cash to doctors to incentivize prescription writing and downplaying mounting reports of patient deaths." Since the concern over the safety of NUPLAZID has become public, the stock has dropped approximately 25%.
Acadia Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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