Robbins LLP: Acorda Therapeutics, Inc. (ACOR) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Acorda Therapeutics, Inc. (NasdaqGS: ACOR). The complaint is brought on behalf of all purchasers of Acorda securities between April 18, 2016 and November 14, 2017, for alleged violations of the Securities Exchange Act of 1934 by Acorda’s officers and directors. Acorda, a biopharmaceutical company, develops therapies for neurological disorders in the United States.
Acorda Accused of Hiding Serious Safety Risks of Its Drug
According to the complaint, on January 19, 2016, Acorda announced that it would acquire Biotie Therapies Corporation for approximately $363 million and would obtain worldwide rights to tozadenant, a drug designed to treat Parkinson’s disease. Acorda subsequently touted to investors that tozadenant, if approved, could generate annual U.S. net revenue of more than $400 million and that Acorda expected topline results of tozadenant’s Phase 3 efficacy clinical trial in the first quarter of 2018. Acorda failed to disclose that the company had overstated the benefits of the Biotie acquisition, as well as tozadenant’s approval prospects and commercial viability due to tozadenant’s significant undisclosed safety risks. On November 15, 2017, Acorda revealed the deaths of several patients in the company’s final-stage studies of tozadenant and that the company paused new enrollment in the drug’s long-term safety studies pending further discussion with the independent Data Safety Monitoring Board and the U.S. Food and Drug Administration. On this news, Acorda’s stock fell $11.20 per share, or 39.72%, to close at $17.00 per share on November 15, 2017.
Acorda Shareholders Have Legal Options
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