NEW YORK, March 24, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities that purchased the securities of ACADIA Pharmaceuticals, Inc. ("ACADIA" or the "Company") (Nasdaq:ACAD) between February 26, 2015 and March 11, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
The Complaint alleges that throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose information about the adverse facts regarding the timing of Acadia's submission of its New Drug Application ("NDA") to the FDA for NUPLAZID. The Complaint alleges that Acadia securities traded at artificially inflated prices, at prices above $45 per share, as a result of ACADIA's allegedly false and misleading statements or omissions during the Class Period.
On March 11, 2015, the Company issued a press release revealing a change in the timing of its planned New Drug Application ("NDA") proposal to the U.S. Food and Drug Administration ("FDA") for NUPLAZID. The Company had initially intended to submit the NDA for NUPLAZID in the first quarter of 2015; now, however, it planned to submit its NUPLAZID NDA for the treatment of PDP in the second half of 2015.
On March 11, 2015, in another press release, ACADIA announced the sudden retirement of the Company's Chief Executive Officer ("CEO") and director, Uli Hacksell ("Hacksell").
Thereafter, ACADIA common stock dropped $9.94 per share to close at $34.82 per share the following day, a one-day decline of 22% on volume of 15 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later than May 12, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com.
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