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Oklahoma City, OK (July 25, 2018) – On July 19, 2018, a securities class action lawsuit was filed in the United States District Court for the Southern District of California against Acadia Pharmaceuticals, Inc. (NASDAQ: ACAD). 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 April 29, 2016 through July 9, 2018. More specifically, this litigation was filed because defendants made false and/or misleading statements and/or failed to disclose that: (1) adverse events and safety concerns related to NUPLAZID threatened the drug’s initial and continuing FDA approval; (2) ACADIA engaged in business practices likely to attract regulatory scrutiny; and (3) as a result, defendants’ statements about ACADIA’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
On July 9, 2018, the Southern Investigative Reporting Foundation (“SIRF”) published a report entitled “Acadia Pharmaceuticals: This Is Not a Pharmaceuticals Company.” Therein, SIRF stated that “evidence is mounting that something is horribly wrong with Acadia’s sole drug, Nuplazid, an antipsychotic for Parkinson’s disease patients who experience episodic hallucinations and delusions” and that “Acadia has accomplished its growth in ways that have attracted intense regulatory scrutiny for other drug companies” including “dispensing wads of cash to doctors to incentivize prescription writing and downplaying mounting reports of patient deaths.” On this news, Acadia’s stock price fell $1.21 per share, to close at $16.63 per share.
Plaintiff seeks to recover damages on behalf of all Acadia 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, September 17, 2018 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.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org