According to the law firm press release, ACADIA Pharmaceuticals Inc. ("ACADIA") is a biopharmaceutical company focused on the development and commercialization of medicines to address 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. On January 22, 2018, the Court granted final approval of the settlement and entered Final Judgment. On March 7, 2019, the Court issued an Order authorizing distribution of the net Settlement Fund.