Investor Alert: Kaplan Fox Announces Investigation Of ACADIA Pharmaceuticals
Aug 01, 2018, 10:29 ET
NEW YORK, Aug. 1, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of ACADIA Pharmaceuticals Inc. ("ACADIA" or the "Company") (Nasdaq: ACAD). Investors who purchased ACADIA securities between April 29, 2016 and July 9, 2018 (the "Class Period") may be affected. A complaint has been filed in the United States District Court, Southern District of California against ACADIA and certain executives on behalf of investors that acquired ACADIA securities during the Class Period.
According to the complaint, ACADIA is a biopharmaceutical company that purportedly focuses on the development and commercialization of medicines to address central nervous system disorders. The Company claims its lead drug is NUPLAZID, which was approved by the U.S. Food and Drug Administration ("FDA") on April 29, 2016 for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis ("PD Psychosis").
On April 29, 2016, the start of the Class Period, ACADIA issued a press release announcing the approval of NUPLAZID for PD Psychosis.
On April 9, 2018, CNN reported that "[p]hysicians, medical researchers and other experts told CNN that they worried that the drug 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." Following this news, ACADIA's share price fell $5.03 per share, or 23.4%, to close at $16.50 per share on April 9, 2018.
On April 25, 2018, CNN further reported that the FDA is re-examining the safety of NUPLAZID. Following this news, ACADIA's share price fell $4.27 per share, or 21.9%, to close at $15.20 per share on April 25, 2018.
The complaint alleges that throughout the Class Period, the defendants failed to disclose that (1) adverse events and safety concerns related to NUPLAZID threatened the drug's initial and continuing FDA approval, (2) ACADIA engaged in business practices likely to attract regulatory scrutiny, and (3) as a result of the foregoing, the defendants' statements about ACADIA's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
If you are a member of the proposed Class, you may move the court no later than September 17, 2018 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]
SOURCE Kaplan Fox & Kilsheimer LLP