NEW YORK, April 29, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan reminds investors that a class action lawsuit was filed in the United States District Court for the Southern District of California on behalf of all persons or entities that purchased the common stock 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.
If you purchased ACADIA stock during the Class Period, you may, no later than May 12, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the ACADIA Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
ACADIA is a biopharmaceutical company focused on the development and commercialization of medicines to address unmet medical needs in neurological and related central nervous system disorders.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and omitted materially 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." 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, Uli Hacksell.
Following this news, ACADIA stock dropped $9.94 per share, ALMOST 22%, to close at $34.82 per share on March 12, 2015.
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