An investigation on behalf of investors of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) shares over potential securities laws violations by ACADIA Pharmaceuticals and certain of its directors and officers in connection with certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) concerning whether a series of statements by ACADIA Pharmaceuticals regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
San Diego, CA based ACADIA Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. Shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) rose to as high as $51.99 per share in July 2015.
ACADIA Pharmaceuticals Inc. reported that its annual Total Revenue rose from $17.33 million in 2016 to $124.9 million in 2017 and that its Net Loss increased from $271.39 million in 2016 to $289.4 million in 2017.
On April 9, 2018, it was reported that Nuplazid, Acadia's Parkinson's disease psychosis treatment, has been associated with more than 700 deaths, and that adverse event reports concerning the drug link it to additional life-threatening incidents, falls, insomnia, nausea, and fatigue.
Shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) declined to $15.74 per share on April 9, 2018.