NEW YORK, NY / ACCESSWIRE / December 7, 2017 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Acorda Therapeutics, Inc. ("Acorda" or the "Company") (ACOR) and certain of its officers, on behalf of a class who purchased Acorda securities between April 18, 2016, and November 14, 2017, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/acor.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
Acorda is a biotechnology company with a focus on the identification, development, and commercialization of therapies for neurological disorders. On January 19, 2016, Acorda announced an agreement to acquire Biotie Therapies Corporation ("Biotie") for approximately $363 million (the "Biotie Acquisition"). In its press release announcing the Biotie Acquisition, Acorda advised investors, inter alia, that the Company "will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson's disease (PD)." On April 18, 2016, Acorda acquired approximately 93% of the fully diluted capital stock of Biotie. In September 2016, Acorda completed the Biotie Acquisition.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) tozadenant entailed significant undisclosed safety risks; (2) accordingly, the Company had overstated tozadenant's approval prospects and commercial viability; (3) for the foregoing reasons, the Company had likewise overstated the benefits of the Biotie Acquisition; and (4) consequently, Acorda's shares traded at artificially inflated prices during the Class Period.
On November 15, 2017, Acorda disclosed the deaths of several patients in the Company's final-stage studies of tozadenant. Acorda advised investors that it had paused new enrollment in the drug's long-term safety studies, pending further discussion with the independent Data Safety Monitoring Board and the U.S. Food and Drug Administration. Following this news, Acorda stock dropped $11.20 per share, or 39.72%, to close at $17.00 on November 15, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: www.bgandg.com/acor, or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Acorda, you have until January 17, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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SOURCE: Bronstein, Gewirtz & Grossman, LLC