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Investors with losses of over $100,000 are encouraged to contact the firm before June 18, 2021; click here to submit trade information
LOS ANGELES, June 14, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Acadia Pharmaceuticals, Inc. (NASDAQ: ACAD) investors that acquired shares between June 15, 2020 - Apr. 4, 2021. Investors have until June 18, 2021 to seek an active role in this litigation.
The complaint alleges that Acadia misrepresented facts concerning their supplemental new drug application for NUPLAZID® (pimavanserin), which treats dementia-related psychosis.
Specifically, on July 20, 2020, it was announced by Acadia that the FDA accepted the sNDA for filing, stating that its pivotal study for the drug showed a meaningful reduction of psychosis symptoms, as well as a nearly 3X reduction in the risk of relapse for patients continuing on pimavanserin vs. placebo. Thereafter, Acadia repeatedly stated the FDA had not identified any potential review issues, reiterating the efficacy of the drug.
But the truth began to emerge on Mar. 8, 2021, when Acadia announced that on Mar. 3, 2021 they were informed by the FDA that it had identified deficiencies in the sNDA.
Then, on Apr. 5, 2021, it was announced by Acadia that the FDA had rejected the sNDA, citing a lack of statistical significance in regard to some of the subgroups of dementia, as well as inadequate numbers of patients with some less common dementia subtypes.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 18, 2021.
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The Portnoy Law Firm represents investors in pursuing arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.