NEW YORK, Nov. 30, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Acorda Therapeutics, Inc. (“Acorda” or the Company”) (NASDAQ:ACOR) in the United States District Court for the Southern District of New York with a class period between April 18, 2016, and November 14, 2017, both dates inclusive.
Investors who have incurred losses in Acorda Therapeutics, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Acorda Therapeutics, Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than January 17, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Acorda Therapeutics, Inc.
The field Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- tozadenant entailed significant undisclosed safety risks;
- accordingly, the Company had overstated tozadenant’s approval prospects and commercial viability;
- for the foregoing reasons, the Company had likewise overstated the benefits of the Biotie Acquisition; and
- as a result of the foregoing, Acorda’s shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On November 15, 2017, Acorda disclosed the deaths of several patients in the Company’s final-stage studies of tozadenant. Acorda advised investors that it had paused new enrollment in the drug’s long-term safety studies, pending further discussion with the independent Data Safety Monitoring Board and the U.S. Food and Drug Administration.
On this news, Acorda’s share price fell $11.20, or 39.72%, to close at $17.00 on November 15, 2017, a market capitalization drop of $525 million.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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