| COMPANY |
ACADIA Pharmaceuticals Inc. |
| COURT |
United States District Court for the Southern District of California |
| CASE NUMBER |
18-cv-01647 |
| JUDGE |
The Hon. Anthony Joseph Battaglia |
| CLASS PERIOD |
April 29, 2016 - July 9, 2018 |
| SECURITY TYPE |
All Securities |
Case Background:
On July 19, 2018, the initial complaint in this securities class action was filed against ACADIA Pharmaceuticals Inc. (“Acadia” or the “Company”), and certain of Acadia’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action lawsuit brought on behalf of all persons and entities who purchased or acquired Acadia securities between April 29, 2016 and July 9, 2018, (the “Class Period”) both dates inclusive.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) adverse events and safety concerns related to NUPLAZID threatened the drug’s initial and continuing FDA approval; (2) Acadia engaged in business practices likely to attract regulatory scrutiny; and (3) as a result of the foregoing, Defendants’ statements about Acadia’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
Current Status of Case:
On June 1, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. On July 16, 2020, Lead Plaintiff filed a second amended complaint (the “Complaint”). On August 28, Defendants filed their Motion to Dismiss the Complaint. The Complaint was dismissed by the Court on March 29, 2021. On April 16, 2021, Plaintiffs filed a third amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss Plaintiffs’ Amended Complaint on May 31, 2021. On January 3, 2022, the Court granted Defendants’ Motion to Dismiss.
This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com.