NEW YORK, Aug. 24, 2018 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York, Los Angeles, and Atlanta, announces an investigation of Acadia Pharmaceuticals, Inc. (the "Company" or "ACAD") (NASDAQ: ACAD), its Board of Directors, and certain Company officers, for among other things, possible breaches of fiduciary duty and violations of Federal and State laws.
On April 25, 2018, CNN announced that the FDA was re-examining the safety of the Company's NUPLAZID drug. According the report, the FDA is concerned about the role NUPLAZID played in the deaths of hundreds of voluntary patients, citing it as a "suspect" medication. On that same day, ACAD shares plummeted to $14.51, a decline of nearly 30% from the April 24 trading price of $20.04.
On August 8, 2018—four months after the CNN article— amid a disappointing second quarter 2018 report, ACAD announced that it would be revising its guidance for 2018. ACAD shares, which had seen a brief reprieve from their April freefall, were once again negatively impacted by this news, losing an additional 10% of the Company's already-battered trading price.
WeissLaw is investigating whether ACAD's Board of Directors and its Officers violated Federal and State laws by: (i) failing to ensure that its NUPLAZID drug was safe; (ii) failing to disclose the significant and substantial adverse effects and deaths related to the use of the drug; (iii) failing to disclose the compromised and limited basis of the FDA's approval of NUPLAZID; and (iv) failing to comply with the Company's own Code of Conduct. If you own ACAD shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771, or by e-mail at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients. For more information about the firm, please go to: http://www.weisslawllp.com/acadia-pharmaceuticals-inc/
SOURCE WeissLaw LLP