An investor, who purchased shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), filed a lawsuit over alleged violations of Federal Securities Laws by ACADIA Pharmaceuticals Inc.
Investors who purchased shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) have certain options and for certain investors are short and strict deadlines running. Deadline: June 18, 2021. NASDAQ: ACAD investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
San Diego, CA based ACADIA Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders.
On Jul. 20, 2020, ACADIA Pharmaceuticals Inc. announced the U.S. FDA accepted for filing the sNDA. ACADIA Pharmaceuticals Inc. also reassured investors “[t]he FDA has also informed the company that it has not identified any potential review issues at this point in their evaluation and at this time they are not planning to hold an Advisory Committee meeting.”
On March 8, 2021, ACADIA Pharmaceuticals Inc. announced that on Mar. 3, 2021 the FDA informed the company that during review of the sNDA the agency identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time.
On April 5, 2021, pre-market, ACADIA Pharmaceuticals Inc. announced that the Company had received a Complete Response Letter (“CRL”) from the FDA indicating that the pimavanserin sNDA could not be approved in its current form. Specifically, the press release stated that, “the [FDA Division of Psychiatry], in the CRL, cited a lack of statistical significance in some of the subgroups of dementia, and insufficient numbers of patients with certain less common dementia subtypes as lack of substantial evidence of effectiveness to support approval.”
Shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) declined from $52.12 per share on February 22, 2021, to as low as $20.12 per share on April 12, 2021.
The plaintiff claims that between June 15, 2020 and April 4, 2021, the Defendants made false and/or misleading statements and/or failed to disclose that the materials submitted in support of the pimavanserin sNDA contained statistical and design deficiencies, that accordingly, the pimavanserin sNDA lacked the evidentiary support that the Company had led investors to believe it possessed, that the FDA was unlikely to approve the pimavanserin sNDA in its present form, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.
Those who purchased shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.