Investigations

GRABAR LAW OFFICE INVESTIGATES CLAIMS ON BEHALF OF SHAREHOLDERS OF ACADIA PHARMACEUTICALS INC. (NASDAQ: ACAD)

Acadia Pharmaceuticals Inc. is a biopharmaceutical company that focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The Company is developing pimavanserin as a treatment for dementia-related psychosis and as an adjunctive treatment for schizophrenia, as well as an adjunctive treatment for major depressive disorder. In June 2020, Acadia submitted a supplemental New Drug Application ("sNDA") with the FDA to expand pimavanserin's label to include treatment for dementia-related psychosis.

A federal securities fraud complaint was recently certified as a class action. That complaint alleges that Acadia, via certain officers and directors, made materially false and misleading statements regarding the Company's business. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the materials submitted in support of the pimavanserin sNDA contained statistical and design deficiencies; (ii) accordingly, the pimavanserin sNDA lacked the evidentiary support that the Company had led investors to believe it possessed; (iii) the FDA was unlikely to approve the pimavanserin sNDA in its present form; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

On September 29, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 10. Defendants filed a Motion to Dismiss the amended Complaint on February 15, 2022. On September 27, 2022, the Court issued an Order denying Defendants' Motion to Dismiss. On March 11, 2024 the Court issued an Order certifying the action as a class action.

Current Acadia shareholders who have held Acadia stock since prior to June 15, 2020, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost to them whatsoever.

If you would like to learn more about this matter, you are encouraged to contact us at jgrabar@grabarlaw.com, or call 267-507-6085.

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Investigations

GRABAR LAW OFFICE INVESTIGATES CLAIMS ON BEHALF OF SHAREHOLDERS OF ACADIA PHARMACEUTICALS INC. (NASDAQ: ACAD)

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