July 16, 2020 - A second amended complaint was filed.
June 1, 2020 - The court granted in part and denied in part the defendants' motion to dismiss.
June 7, 2010 - A motion to dismiss the amended complaint was filed.
April 15, 2019 - An amended complaint was filed.
July 19, 2018 - An investor in shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by ACADIA Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between April 29, 2016 and July 9, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) common shares between April 29, 2016 and July 9, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 29, 2016 and July 9, 2018, the Defendants failed to disclose that adverse events and safety concerns related to NUPLAZID threatened the drug’s initial and continuing FDA approval, that ACADIA engaged in business practices likely to attract regulatory scrutiny, and that, as a result of the foregoing, Defendants’ statements about ACADIA’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
On April 9, 2018, it was reported that “[p]hysicians, medical researchers and other experts told CNN that they worried that [Nuplazid] had been approved too quickly, based on too little evidence that it was safe or effective.”
Then, on April 25, 2018, it was reported that the U.S. Food and Drug Administration (“FDA”) was re-examining the safety of Nuplazid, which was approved “despite concerns that not enough was known about the drug’s risks.”
Shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) declined from $41.20 per share in October 2017 to as low as $14.90 per share in June 2018.