SAN DIEGO, March 13, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of ACADIA Pharmaceuticals Inc. (NASDAQGS: ACAD) breached their fiduciary duties to shareholders. ACADIA is a biopharmaceutical company that focuses on the development and commercialization of small molecule drugs that address neurological and related central nervous system disorders.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/acadia-pharmaceuticals
ACADIA Postpones Its New Drug Application
On March 11, 2015, ACADIA issued a press release announcing that it would delay submitting a New Drug Application for the treatment of Parkinson's disease psychosis, NUPLAZID, until the second half of 2015. The company chose to delay the application to allow for additional time to ensure that ACADIA could support the production and distribution of the treatment, if it were to be approved by regulators. In a separate announcement, ACADIA announced the immediate retirement of its Chief Executive Officer, Uli Hacksell. On this news, shares of ACADIA dropped over 22%, or $10.16, in after-hours trading closing March 11, 2015 at $44.76 per share, and opening March 12, 2015 at $34.60 per shares.
In light of this news, Robbins Arroyo LLP's investigation focuses on whether ACADIA's board of directors breached its fiduciary duties to shareholders.
ACADIA Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, Ca 92101
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP