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Robbins Geller Rudman & Dowd LLP Files Class Action Suit against ACADIA Pharmaceuticals Inc.

ACAD

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.

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Robbins Geller Rudman & Dowd LLP
Darren Robbins, 800-449-4900 or 619-231-1058
djr@rgrdlaw.com