NEW YORK and SAN DIEGO, March 27, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California against ACADIA Pharmaceuticals Inc. (Nasdaq:ACAD). The class period is from February 26, 2015 through March 11, 2015, inclusive (the "Class Period"). Wolf Haldenstein encourages all shareholders who suffered losses on shares purchased within the class period to contact us immediately at (800) 575-0735 or email classmember@whafh.com.
On February 26, 2015, ACADIA announced its 2014 fourth quarter and year-end financial results and told investors that it "remained on track to submit its New Drug Application (NDA) to the Federal Drug Administration (FDA) in the first quarter of 2015." Shortly thereafter, on March 11, 2015, ACADIA issued a press release announcing a change in the timing of its planned NDA submission to the FDA for its drug 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 President, Uli Hacksell.
This news and resignation announcement shocked investors, leading to a material decline in the price of ACADIA common stock. On March 12, 2015, the shares of ACADIA closed at $34.82, a decline of $7.94 per share, a precipitous drop of 22.8%.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "ACADIA investigation."
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