WASHINGTON, April 6, 2015 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether ACADIA Pharmaceuticals Inc. ("ACADIA" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern District of California by another law firm on behalf of purchasers of the common stock of ACADIA Pharmaceuticals Inc. (Nasdaq:ACAD) between February 26, 2015 and March 11, 2015, inclusive (the "Class Period").
ACADIA's lead product candidate is NUPLAZID, which successfully completed Phase III trials for the treatment of Parkinson's disease psychosis ("PDP") and last year received Breakthrough Therapy Designation from the FDA. The complaint alleges that ACADIA and certain of its officers and directors ("Defendants") misrepresented and/or failed to disclose that the Company was not on track to submit its New Drug Application ("NDA") for NUPLAZID in the first quarter of 2015.
The claims in this case followed the Company's March 11, 2015, announcement that it expected to file its NDA for NUPLAZID in the second half of this year, just two weeks after telling investors it was on track to file the NDA in the first quarter of 2015. At the same time, ACADIA announced that its CEO was leaving the Company. The price of ACADIA shares fell from $44.76 to $34.82 on March 12.
Cohen Milstein encourages all investors who purchased ACADIA common stock between February 26, 2015 and March 11, 2015, or former employees with information concerning this matter to contact the firm.
If you are an ACADIA shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than May 12, 2015 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Jordan Hill
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; jhill@cohenmilstein.com
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