Acadia Pharmaceuticals, Inc. (ACAD) Accused of Making Materially False and Misleading Statements Regarding its Lead Drug Candidate

According to the class action complaint, throughout the class period, Acadia Pharmaceuticals, Inc. (ACAD) touted the positive impact of NUPLAZID on its financial growth. On April 9, 2018, CNN reported that "physicians, medical researchers and other experts … worried that had been approved too quickly, based on too little evidence that it was safe or effective. And given these mounting reports of deaths, they say that more need to be done to assess Nuplazid's true risks." On April 25, 2018, CNN reported that the FDA was re-examining the safety of NUPLAZID. On July 9, 2018, the Southern Investigative Reporting Foundation ("SIRF") reported that "evidence is mounting that something is horribly wrong with Acadia's sole drug, Nuplazid" and that "Acadia has accomplished its growth in ways that have attracted intense regulatory scrutiny for other drug companies" including "dispensing wads of cash to doctors to incentivize prescription writing and downplaying mounting reports of patient deaths." Since the concern over the safety of NUPLAZID has become public, the stock has dropped approximately 25%.

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