BOSTON, July 24, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a securities fraud class action against ACADIA Pharmaceuticals, Inc. ("ACADIA" or the "Company") (NASDAQ: ACAD) and certain of its officers alleging violations of the federal securities laws and encourages shareholders to contact Block & Leviton ahead of the September 17, 2018 lead plaintiff deadline.
On April 9, 2018, CNN reported that ACADIA's Nuplazid treatment may have played a role in the death of ill and elderly patients. On this news, shares in the Company plunged 23%. Subsequently, on July 9, 2018, the Southern Investigative Reporting Foundation released a report alleging that the Company's approach to government approval is best described as "loophole-centric." Following this report, the Company's shares dropped more than 6%.
The complaint, filed in the United States District Court Southern District of California, captioned Stone v. ACADIA Pharmaceuticals, Inc. et al., Case No. 18-cv-01672, alleges that between April 29, 2016 and July 9, 2018, inclusive (the "Class Period"), 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.
If you purchased ACADIA shares between April 29, 2016 and July 9, 2018 and wish to serve as a lead plaintiff, you must move the Court no later than September 17, 2018.
If you wish to become involved in the litigation or have questions about your legal rights, you are encouraged to contact Attorney John DeFelice at (888) 868-2385, by email at firstname.lastname@example.org or by visiting http://shareholder.law/acadia.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nations' largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
The court in which this case is pending is located at 333 W Broadway #420, San Diego, CA 92101.
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SOURCE Block & Leviton LLP