May 10, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was announced concerning whether certain ACADIA Pharmaceuticals officers and directors possibly breached their fiduciary duties in connection with certain statements.
The investigation by a law firm concerns whether certain ACADIA Pharmaceuticals and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an amendment to the Companys 2010 Equity Incentive Plan.
In the Proxy Statement filed by ACADIA Pharmaceuticals Inc. with the Securities and Exchange Commission (SEC) the Board of Directors recommends that ACADIAs shareholders vote to approve an amendment to the Companys 2010 Equity Incentive Plan to increase the aggregate number of shares of common stock authorized for issuance under the plan by 7,500,000 shares.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NASDAQ:ACAD common stock.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) reported that its Total Revenue declined from $42.13 million in 2010 to $2.07 million in 2011, respectively $4.91 million in 2012 and that its Net Income of $15.14 million for 2010 declined to a Net Loss of $22.77 million in 2011, respectively $20.85 million in 2012.
The total compensation of certain top official of ACADIA Pharmaceuticals Inc. rose from 2010 to 2012. For instance the CEOs total compensation rose from over $979,000 in 2010 to over $1.33 million in 2012 and the CFOs total pay increase from over $594,000 in 2010 to over $773,000 in 2012.
Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) grew from $1.12 per share in late 2011 to as high as $13.40 per share in late April 2013.
On May 10, 2013, NASDAQ:ACAD shares closed at $12.02 per share.