NEW YORK, Aug. 17, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in ACADIA Pharmaceuticals, Inc. ("ACADIA" or the "Company") (NASDAQ: ACAD) of the September 17, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in ACADIA stock or options between April 29, 2016 and July 9, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/ACAD. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased ACADIA securities between April 29, 2016 and July 9, 2018 (the "Class Period"). The case, Stone v. Acadia Pharmaceuticals Inc. et al., Case No. 18-cv-01672 was filed on July 23, 2018 and has been assigned to Judge Larry Alan Burns.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that adverse events and safety concerns related to NUPLAZID, the Company's flagship antipsychotic treatment for Parkinson's disease, threatened the drug's initial and continuing FDA approval; and (2), that ACADIA engaged in business practices likely to attract regulatory scrutiny.
Specifically, on February 27, 2018, ACADIA announced fourth quarter 2017 NUPLAZID sales of $43.6 million, which was approximately $720,000 below consensus estimates.
On this news, ACADIA's share price fell from $31.16 on February 27, 2018 to $24.92 on February 28, 2018—a $6.24 or 20% drop.
Then, on April 9, 2018, CNN reported that they had received adverse feedback regarding NUPLAZID from various medical researchers and experts, who maintained that more research needed to take place to assess the drug's risk.
On this news, ACADIA's share price fell from $21.53 on April 6, 2018 to $16.50 on April 9, 2018—a $5.03 or 23.36% drop.
Then, on April 25, 2018, CNN reported that the FDA was re-examining the safety of NUPLAZID.
On this news, ACADIA's share price fell from $19.47 on April 24, 2018 to $15.20 on April 25, 2018—a $4.27 or 21.93% drop.
Then, on July 9, 2018, the Southern Investigative Reporting Foundation reported that ACADIA had achieved its growth through methods that included "dispensing wads of cash to doctors to incentivize prescription writing and downplaying mounting reports of patient deaths."
On this news, ACADIA's share price fell from $17.84 on July 6, 2018 to $16.63 on July 9, 2018—a $1.21 or 6.78% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding ACADIA's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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