NEW YORK, Dec. 16, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Acorda Therapeutics, Inc. ("Acorda" or the "Company") (NASDAQ: ACOR) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 17-cv-08997, is on behalf of a class consisting of investors who purchased or otherwise acquired Acorda securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Acorda securities between April 18, 2016, and November 14, 2017, both dates inclusive, you have until January 17, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and amount of shares purchased.
Acorda is a biotechnology company with a focus on the identification, development, and commercialization of therapies for neurological disorders. On January 19, 2016, Acorda announced an agreement to acquire Biotie Therapies Corporation ("Biotie") for approximately $363 million (the "Biotie Acquisition"). In its press release announcing the Biotie Acquisition, Acorda advised investors, inter alia, that the Company "will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson's disease (PD)." On April 18, 2016, Acorda acquired approximately 93% of the fully diluted capital stock of Biotie. In September 2016, Acorda completed the Biotie Acquisition.
The 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: (i) tozadenant entailed significant undisclosed safety risks; (ii) accordingly, the Company had overstated tozadenant's approval prospects and commercial viability; (iii) for the foregoing reasons, the Company had likewise overstated the benefits of the Biotie Acquisition; and (iv) 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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP