San Diego, California--(Newsfile Corp. - July 31, 2020) - If you would like to discuss your legal rights email email@example.com or call (619) 780-3993.
ACADIA Pharmaceuticals (ACAD) Accused of Misleading Shareholders. Securities Class Action Survives Motion to Dismiss In Part, Paving the Way for Litigation to Proceed.
Purchasers of Acadia Pharmaceuticals, Inc. (NASDAQ: ACAD) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934. Acadia Pharmaceuticals is a biopharmaceutical company that focuses on the development and commercialization of drugs for central nervous system disorders. The company's lead drug is NUPLAZID, which was approved by the U.S. Food and Drug Administration on April 29, 2016, for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
According to the class action lawsuit filed against ACADIA Pharmaceuticals Inc., ACADIA and certain of its officers and directors are charged with failing to disclose material information regarding NUPLAZID.
On July 9, 2018, the Southern Investigative Reporting Foundation (now known as the Foundation for Financial Journalism) reported that "evidence is mounting that something is horribly wrong with Acadia's sole drug, Nuplazid" and that "Acadia has accomplished its growth in ways that have attracted intense regulatory scrutiny for other drug companies" including "dispensing wads of cash to doctors to incentivize prescription writing and downplaying mounting reports of patient deaths."
On June 1, 2020, Judge Anthony J. Battaglia of the United States District Court for the Southern District of California issued an order in In re Acadia Pharmaceuticals Inc. Securities Litigation granting in part and denying in part the defendants' motion to dismiss, paving the way for litigation to proceed.
Concerned shareholders are encouraged to contact us to learn more:
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