STOCKHOLDER ALERT: Brodsky & Smith, LLC Reminds Acorda Therapeutics, Inc. (ACOR) Stockholders That Important Deadline Nears
BALA CYNWYD, PA / ACCESSWIRE / January 5, 2018 / On behalf of the Law office of Brodsky & Smith, LLC, notice is hereby given that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased or otherwise acquired Acorda Therapeutics, Inc. ("Acorda") (ACOR) securities between April 18, 2016 and November 14, 2017, both dates inclusive (the "Class Period"). The class action seeks to recover damages against Defendants for alleged violations of federal securities laws.
Click here to learn more http://www.brodskysmith.com/cases/acorda-therapeutics-inc-nasdaq-acor/ , or call: 877-534-2590. There is no cost or obligation to you.
Acorda is a biotechnology company focused 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 connection with the Biotie Acquisition, Acorda announced that it would "obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson's disease."
According to the lawsuit, 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.
On this news, Acorda's share price fell $11.20, or 39.72%, to close at $17.00 on November 15, 2017.
The lawsuit alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) tozadenant entailed significant undisclosed safety risks; (ii) accordingly, the company had overstated tozadenant's approval prospects and commercial viability; (iii) for the foregoing reasons, the company had likewise overstated the benefits of the Biotie Acquisition; and (iv) as a result of the foregoing, Acorda's shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
If you are a member of the class described above, and suffered a financial loss during the class period, by no later than January 18, you may seek to be appointed as a lead plaintiff representative of the class. Your ability to share in any recovery does not require that you serve as lead plaintiff.
If you wish to discuss the legal ramifications of the action, or have any questions, you may call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/acorda-therapeutics-inc-nasdaq-acor/ , or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC
