NEW YORK, July 24, 2018 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that class actions have been filed in the United States District Court Southern District of California against ACADIA Pharmaceuticals, Inc. ("ACADIA" or the "Company") (Nasdaq: ACAD) on behalf of purchasers of securities between April 29, 2016 and July 9, 2018 (“Class Period”).
If you purchased ACADIA securities during the Class Period and would like more information about the shareholder class actions, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com
If you wish to serve as lead plaintiff, you must move the Court no later than September 17, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
The complaints allege that defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that adverse events and safety concerns related to NUPLAZID threatened the drug's initial and continuing FDA approval; (2) that ACADIA engaged in business practices likely to attract regulatory scrutiny; and (3) that, as a result of the foregoing, Defendants' statements about ACADIA's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
On April 9, 2018, CNN issued a report claiming that medical professionals, including physicians, researchers and other experts, had expressed significant concern that NUPLAZID was approved too quickly, based on inadequate evidence that the drug was safe or effective. The CNN report also called attention to a large number of adverse events (often deaths) reported to the FDA for patients who were using NUPLAZID. Following this news, the Company’s share price declined $5.03 per share, or 23.4%, to close at $16.50 per share on April 9, 2018.
On April 25, 2018, CNN reported that the FDA was re-examining the safety of NUPLAZID. Following this news, the Company’s share price fell $4.27 per share, or 21.9%, to close at $15.20 per share on April 25, 2018.
On July 9, 2018, the Southern Investigative Reporting Foundation (“SIRF”) issued a report entitled “Acadia Pharmaceuticals: This Is Not a Pharmaceuticals Company.” The report alleges 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.” Following this news, the Company’s share price again dropped $1.21 per share, or 6.8%, to close at $16.63 per share on July 9, 2018.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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