Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against AcelRx Pharmaceuticals, Inc.
Oklahoma City, OK (October 6, 2014) – On October 1, 2014, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against AcelRx Pharmaceuticals, Inc. (NASDAQ: ACRX). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is December 2, 2013 through September 25, 2014. This litigation was filed because during the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about AcelRx Pharmaceuticals, Inc.'s ("AcelRx" or the "Company") business operations, and prospects. More specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Instructions for Use (IFU) for Zalviso (sufentanil sublingual tablet system), formerly known as ARX-01, which consists of sufentanil tablets delivered by the Zalviso System (collectively, "Zalviso") were not designed to adequately address the risk of the inadvertent misplacement of tablets; (2) AcelRx had not submitted to the U.S. Food and Drug Administration sufficient data to support the shelf life of the product; and (3) as a result of the foregoing, Defendants' statements about Zalviso, including the drug's regulatory approval and financial prospects, were materially false and misleading at all relevant times and/or lacked a reasonable basis.
As a result of defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, plaintiff and other class members have suffered significant losses and damages.
Plaintiff seeks to recover damages on behalf of all AcelRx Pharmaceuticals, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, December 1, 2014 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Lynn.
Posted on Mon, October 6, 2014
by K. Lynn Nunn filed under