NEW YORK, April 24, 2015 (GLOBE NEWSWIRE) -- 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.