Robbins
Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/acadia/)
today announced that a class action has been commenced in the United
States District Court for the Southern District of California on behalf
of purchasers of ACADIA Pharmaceuticals Inc. (“ACADIA”) (NASDAQ:ACAD)
publicly traded securities during the period between February 26, 2015
and March 11, 2015 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff’s counsel, Darren
Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at djr@rgrdlaw.com. If you
are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.rgrdlaw.com/cases/acadia/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges ACADIA and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. ACADIA is a
biopharmaceutical company focused on the development and
commercialization of medicines to address unmet medical needs in
neurological and related central nervous system disorders. ACADIA has a
pipeline of product candidates led by NUPLAZID™ (pimavanserin), which is
in Phase III development as a treatment for Parkinson’s disease
psychosis (“PDP”).
The complaint alleges that during the Class Period, defendants made
false and misleading statements and/or failed to disclose adverse facts
regarding the timing of ACADIA’s submission of its New Drug Application
(“NDA”) to the FDA for NUPLAZID. As a result of defendants’ false and
misleading statements or omissions during the Class Period, ACADIA
securities traded at artificially inflated prices, with its stock
trading at prices above $45 per share.
On February 26, 2015, ACADIA announced its 2014 fourth quarter and
year-end financial results (for the year ended December 31, 2014) and
told investors it “remain[ed] on track to submit [its] New Drug
Application to the FDA in the first quarter of 2015.” Then, on March 11,
2015, ACADIA issued a press release announcing a change in the timing of
its planned NDA submission to the FDA for NUPLAZID from the first
quarter of 2015 to the second half of 2015. In a separate press release
the same day, ACADIA announced the retirement of the Company’s Chief
Executive Officer and director, Uli Hacksell. On this news, ACADIA
common stock dropped $9.94 per share to close at $34.82 per share on
March 12, 2015, a one-day decline of 22% on volume of 15 million shares.
Plaintiff seeks to recover damages on behalf of all purchasers of ACADIA
publicly traded securities during the Class Period (the “Class”). The
plaintiff is represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S. and
international institutional investors in contingency-based securities
and corporate litigation. The firm has obtained many of the largest
securities class action recoveries in history, including the largest
securities class action judgment. Please visit http://www.rgrdlaw.com
for more information.
https://www.linkedin.com/company/rgrdlaw
https://twitter.com/rgrdlaw
https://www.facebook.com/rgrdlaw
https://plus.google.com/+Rgrdlaw/posts
Copyright Business Wire 2015