Case Page

 

Case Status:    SETTLED
On or around 06/09/2017 (Settlement preliminarily approval)

Filing Date: March 13, 2015

According to the law firm press release, ACADIA is a biopharmaceutical company focused on the development and commercialization of medicines to address unmet medical needs in neurological and related central nervous system disorders. ACADIA has a pipeline of product candidates led by NUPLAZID™ (pimavanserin), which is in Phase III development as a treatment for Parkinson’s disease psychosis (“PDP”).

The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse facts regarding the timing of ACADIA’s submission of its New Drug Application (“NDA”) to the FDA for NUPLAZID. As a result of defendants’ false and misleading statements or omissions during the Class Period, ACADIA securities traded at artificially inflated prices, with its stock trading at prices above $45 per share.

On February 26, 2015, ACADIA announced its 2014 fourth quarter and year-end financial results (for the year ended December 31, 2014) and told investors it “remain[ed] on track to submit [its] New Drug Application to the FDA in the first quarter of 2015.” Then, on March 11, 2015, ACADIA issued a press release announcing a change in the timing of its planned NDA submission to the FDA for NUPLAZID from the first quarter of 2015 to the second half of 2015. In a separate press release the same day, ACADIA announced the retirement of the Company’s Chief Executive Officer and director. On this news, ACADIA common stock dropped $9.94 per share to close at $34.82 per share on March 12, 2015, a one-day decline of 22% on volume of 15 million shares.

On March 13, 2017, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved on June 9.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ACAD
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 15-CV-00575
JUDGE: Hon. Barry Ted Moskowitz
DATE FILED: 03/13/2015
CLASS PERIOD START: 02/26/2015
CLASS PERIOD END: 03/11/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 15-CV-00575
JUDGE: Hon. Barry Ted Moskowitz
DATE FILED: 11/16/2015
CLASS PERIOD START: 11/10/2014
CLASS PERIOD END: 03/11/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
No Document Title Filing Date