Shuman Glenn & Stecker Investigates Acadia Pharmaceuticals, Inc.
January 11 2021 - 1:31PM
Business Wire
Shuman Glenn & Stecker announces that it is investigating
potential shareholder claims against certain officers and directors
of Acadia Pharmaceuticals, Inc. (“Acadia” or the “Company”) (NYSE:
ACAD). Acadia is a biopharmaceutical company focusing on the
development and commercialization of medicines to address central
nervous system disorders. The Company’s lead drug, NUPLAZID, was
approved in 2016 by the U.S. Food and Drug Administration (“FDA”)
for treatment of hallucinations and delusions associated with
Parkinson’s disease psychosis.
The Firm’s investigation relates to allegations in a securities
fraud class action lawsuit against Acadia and certain of its senior
officers in the U.S. District Court for the Southern District of
California. The lawsuit alleges that the defendants failed to
publicly disclose material facts, including: (i) adverse events,
safety concerns, and mounting reports of deaths related to NUPLAZID
post-commercialization, which raised the risk that the FDA would
reconsider its approval of NUPLAZID and/or that industry watchdogs
would warn against prescribing NUPLAZID; (ii) that Acadia undertook
a campaign to pay off physicians to prescribe NUPLAZID; and (iii)
that Acadia’s improper business practices exposed the Company to
potential regulatory scrutiny. In a June 1, 2020 ruling denying in
part the motion to dismiss the lawsuit, the federal judge
determined that it had been sufficiently alleged that the
defendants did not properly disclose the high mortality rate during
testing for NUPLAZID or the payments of kickbacks to doctors who
prescribed NUPLAZID.
On April 9, 2018, following a CNN report about mounting deaths
associated with NUPLAZID, Acadia’s stock price fell by over 23% to
close at $16.50 per share. After CNN subsequently reported on April
25, 2018 that the FDA was re-examining the safety of NUPLAZID,
Acadia’s stock price fell again, by nearly 22% to close at $15.20
per share.
If you currently own Acadia common stock and are interested in
discussing your rights, or have information relating to this
investigation, please contact Kip Shuman toll free at (866)
569-4531 or email Mr. Shuman at kip@shumanlawfirm.com.
Shuman Glenn & Stecker represents investors throughout the
nation, concentrating its practice in stockholder litigation.
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SHUMAN GLENN & STECKER Kip B. Shuman, Esq. 100 Pine Street,
Suite 1250 San Francisco, CA 94111 Tel: 866.569.4531 Fax:
303.536.7849 Email: kip@shumanlawfirm.com Web:
www.shumanlawfirm.com
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