This lawsuit is for anyone who acquired securities in ACADIA Pharmaceuticals, Inc. (NASDAQ: ACAD) from April 29, 2016 through July 9, 2018.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled the FDA to get the FDA to approve Nuplazid, the Company's drug for treating psychosis in people with Parkinson’s disease. The Law Offices of Howard G. Smith also believes that the Company then bribed doctors to prescribe the drug despite knowing of the drug's safety and efficacy issues. The Company failed to disclose any of the problems with the drug, or the Company's questionable marketing and approval practices to the investing public, despite knowing that when the public discovered that the drug was unsafe the discovery would have a negative financial impact on the Company.
On April 9, 2018, CNN reported that “[p]hysicians, medical researchers and other experts told CNN that they worried that [Nuplazid] had been approved too quickly, based on too little evidence that it was safe or effective.” On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on April 25, 2018, CNN reported that the U.S. Food and Drug Administration was re-examining the safety of Nuplazid. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. Finally, on July 9, 2018, The Southern Investigative Reporting Foundation published a report alleging that ACADIA’s “pursuit of regulatory approval is best described as ‘loophole-centric’.” On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in ACADIA Pharmaceuticals, Inc. (NASDAQ: ACAD) from April 29, 2016 through July 9, 2018, you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.