The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Acadia Pharmaceuticals Inc. (ACAD)

LOS ANGELES, June 16, 2021 – (BUSINESS WIRE) – Frank R. Cruz’s law firm is reminding investors of the upcoming June 18, 2021 deadline to file lead plaintiffs on behalf of investors who purchased Acadia Pharmaceuticals Inc. (“Acadia” or the “Company”) (NASDAQ: ACAD) securities between June 15, 2020 and April 4, 2021, inclusive (the “Class Period”).

If you are a shareholder who has suffered a loss, click here to participate.

Acadia is a biopharmaceutical company developing a drug called pimavanserin to treat dementia-related psychosis and as an add-on treatment for schizophrenia and as an add-on treatment for major depressive disorders. In June 2020, Acadia submitted a supplementary application for a new drug (“sNDA”) to the US Food and Drug Administration (FDA) to add the treatment of dementia-related psychosis to the Pimavanserin label.

On March 8, 2021, the company announced that the FDA’s ongoing review of the sNDA had identified “deficiencies that currently preclude discussion of labeling and post-marketing requirements / obligations.”

As a result of this news, Acadia’s share price fell $ 20.76 per share, or 45.35%, to close at $ 25.02 per share on March 9, 2021, hurting investors.

On April 5, 2021, prior to its launch, the company announced that it had received a full letter of response (“CRL”) from the FDA stating that pimavanserin sNDA has not been approved in its current form. Specifically, the press release states that the CRL cites “a lack of statistical significance in some of the dementia subgroups and an insufficient number of patients with certain less common dementia subtypes as a lack of substantial evidence of efficacy to support approval”.

As a result of this news, Acadia’s share price fell $ 4.41 per share, or 17.23%, to close at $ 21.18 per share on April 5, 2021, further hurting investors.

The story goes on

The complaint filed in this class action lawsuit alleges that during the collection period the defendants made materially false and / or misleading statements and failed to disclose material adverse facts about the company’s business, operations and prospects. In particular, defendants have not disclosed to investors that: (1) the materials submitted in support of pimavanserin sNDA contained statistical and design flaws; (2) accordingly, the pimavanserin sNDA lacked the conclusive support that the company had given investors credit for; (3) The FDA was unlikely to approve pimavanserin sNDA in its current form; and (4) as a result, Defendants’ positive statements about the business, operations and prospects of the Company were materially misleading and / or were unfounded at all relevant times.

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If you have purchased or otherwise acquired Acadia securities during the class action period, you may apply to the court no later than June 18, 2021 for appointment as the lead plaintiff in this alleged class action. To become a member of the class action, you do not need to take any action at this point; You can hire a lawyer of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars , Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at [email protected] or visit our website at www.frankcruzlaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210616005379/en/

contacts

The Frank R. Cruz Law Firms, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com

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