SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Acadia Pharmaceuticals Inc. – ACAD
NEW YORK, July 24, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Acadia Pharmaceuticals Inc. (“Acadia” or the “Company”) (NASDAQ:ACAD). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Acadia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In May 2016, Acadia launched its lead drug Nuplazid (pimavanserin), following its approval by the U.S. Food and Drug Administration (“FDA”) for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. On February 27, 2018, Acadia announced fourth quarter 2017 Nuplazid sales of $43.6 million, which was approximately $720,000 below consensus estimates. On this news, Acadia’s stock price fell $6.24 per share, or 20%, to close at $24.92 per share on February 28, 2018.
On April 9, 2018, CNN reported that “[p]hysicians, medical researchers and other experts . . . worried that [Nuplazid] had been approved too quickly, based on too little evidence that it was safe or effective. And given these mounting reports of deaths, they say that more needs to be done to assess Nuplazid’s true risks.” On this news, Acadia’s stock price fell $5.03 per share, or 23.4%, to close at $16.50 per share on April 9, 2018.
On April 25, 2018, CNN reported that the FDA was re-examining the safety of Nuplazid. On this news, Acadia’s stock price fell $4.27 per share, or 21.9%, to close at $15.20 per share on April 25, 2018, on unusually heavy trading volume.
On July 9, 2018, the Southern Investigative Reporting Foundation (“SIRF”) published a report entitled “Acadia Pharmaceuticals: This Is Not a Pharmaceuticals Company.” Therein, SIRF stated that “evidence is mounting that something is horribly wrong with Acadia’s sole drug, Nuplazid, an antipsychotic for Parkinson’s disease patients who experience episodic hallucinations and delusions” 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 this news, Acadia’s stock price fell $1.21 per share, or 6.8%, to close at $16.63 per share on July 9, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.