According to the Complaint, Acadia Pharmaceuticals Inc. ("Acadia" or the "Company") is purportedly a biopharmaceutical company focused on the development and commercialization of medicines to address central nervous system disorders. The Company claims its lead drug is NUPLAZID (pimavanserin), which was approved by the FDA on April 29, 2016 for the treatment of hallucinations and delusions associated with PD Psychosis. The Company launched NUPLAZID in the United States in May 2016.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that adverse events and safety concerns related to NUPLAZID threatened the drug’s initial and continuing FDA approval; (2) that ACADIA engaged in business practices likely to attract regulatory scrutiny; and (3) that, as a result of the foregoing, Defendants’ statements about ACADIA’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

On January 3, 2019, the Court issued an Order consolidating cases. On February 26, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 15. Defendants filed a Motion to Dismiss the amended Complaint on June 7. On June 1, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Lead Plaintiff filed a second amended Complaint on July 16.