March 13, 2015 (Shareholders Foundation) - 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 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.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) reported that its Total Revenue declined from $4.91 million in 2012 to $0.12 million in 2014 and that its respective Net Loss increased from $20.85 million to $92.47 million. Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) grew from $1.91 in November 2012 to as high as $46.48 per share on March 10, 2015.
On Wednesday, March 11, 2015, ACADIA Pharmaceuticals Inc announced that Uli Hacksell would retire immediately as both its CEO and a member of its board of directors. In another statement reported Wednesday, ACADIA Pharmaceuticals Inc announced that it would postpone the timing of its planned New Drug Application submission for Nuplazid to the second half of the year. ACADIA Pharmaceuticals Inc had originally planned to submit the application in the first quarter. Shares of ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) declined to $33.33 per share on March 12, 2015.