HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Updates ACAD, UI Investors on Securities Fraud Investigations, Encourages Investors with Losses to Contact the Firm
SAN FRANCISCO, CA / ACCESSWIRE / April 13, 2021 / Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the investigations, including important upcoming deadlines, can be found at the links provided.
ACAD Investors Click Here.
UI Investors Click Here.
Acadia Pharmaceuticals Inc. (NASDAQ:ACAD) Investigation:
Visit:www.hbsslaw.com/investor-fraud/ACAD
Contact An Attorney Now:ACAD@hbsslaw.com
844-916-0895
The investigation focuses on the accuracy of Acadia's disclosures concerning its supplemental new drug application ("sNDA") for NUPLAZID® (pimavanserin) for the treatment of hallucinations and delusions associated with dementia-related psychosis ("DRP").
On July 20, 2020, Acadia announced the U.S. FDA accepted for filing the sNDA. The company also reassured investors "[t]he FDA has also informed the company that it has not identified any potential review issues at this point in their evaluation and at this time they are not planning to hold an Advisory Committee meeting."
But on March 8, 2021, Acadia shocked its shareholders when it announced that on March 3, 2021 the FDA informed the company that during review of the sNDA the agency identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time.
Analysts were stunned by this news. RBC Capital Markets analyst Gregory Renza reportedly said that after receiving the notice on March 3rd and "a subsequent five days of ghosting," he now expects the FDA to issue a Complete Response Letter rejecting Acadia's application.
In response to these disclosures, Acadia's share price fell $20.76, or 45%, in a single trading day, on unusually heavy trading volume.
Most recently, on April 5, 2021, Acadia announced the FDA rejected the sNDA citing a lack of statistical significance regarding some of the subgroups of dementia and inadequate numbers of patients with some less common dementia subtypes. This news sent the price of Acadia shares crashing lower.
"We're focused on investors' losses and whether Acadia may have misled investors by concealing FDA-related review risks for the sNDA," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Acadia investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Ubiquiti Inc. (NYSE:UI) Investigation:
Visit: www.hbsslaw.com/investor-fraud/UI
Contact an Attorney Now:UI@hbsslaw.com
844-916-0895
The investigation focuses on whether Ubiquiti accurately reported the nature and scope of a recent security breach incident.
On Jan. 11, 2021, Ubiquiti urged customers to change their passwords and enable multi-factor authentication after it became aware of unauthorized access to certain of its information technology systems hosted by a third-party cloud provider. The company, however, downplayed the seriousness of the incident, advising its customers that it was not currently aware of evidence of access to databases that host user data.
But on March 30, 2021, KrebsOnSecurity published an article entitled, "Whistleblower: Ubiquiti Breach ‘Catastrophic,'" reporting that a Ubiquiti security professional who helped the company respond to the two-month breach beginning in December 2020 informed Krebs that the breach was catastrophically worse than reported. Krebs quoted the source as saying "[t]he breach was massive, customer data was at risk, access to customers' devices deployed in corporations and homes around the world was at risk." The source also reportedly said the Jan. 11, 2021 breach disclosure was "downplayed and purposefully written to imply that a 3rd party cloud vendor was at risk and that Ubiquiti was merely a casualty of that, instead of the target of the attack." In reality, according to Krebs' reporting, the attackers gained administrative access to Ubiquiti's servers.
In response, the price of Ubiquiti shares fell over 16% during intraday trading on March 31, 2021.
"We're focused on investors' losses and whether Ubiquiti intentionally misrepresented the security of a core business," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Ubiquiti investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Acadia and/or Ubiquiti should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ACAD@hbsslaw.com and/or UI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein
844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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