September 1, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Acorda Therapeutics Inc (NASDAQ:ACOR) shares over potential securities laws violations by Acorda Therapeutics 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 Acorda Therapeutics Inc (NASDAQ:ACOR) concerning whether a series of statements by Acorda Therapeutics regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Ardsley, NY based Acorda Therapeutics, Inc. is a biopharmaceutical company that focuses on developing therapies that restore function and improve the lives of people with neurological disorders. Acorda Therapeutics Inc reported that its annual Total Revenue rose from $492.66 million in 2015 to $519.60 million in 2016 and that its Net Income of $11.06 million in 2015 declined to a Net Loss of $34.62 million in 2016.
Shares of Acorda Therapeutics Inc (NASDAQ:ACOR) grew to as high as $25.70 per share on August 28, 2017.
On August 29, 2017, Acorda Therapeutics Inc disclosed that it had received a Refusal to File (RTF) letter from the U.S. Food and Drug Administration (FDA) regarding the new drug application (NDA) it had submitted in June for Inbrija, a potential treatment for Parkinson's disease. Acorda Therapeutics Inc stated, 'FDA specified two reasons for the RTF: first, the date when the manufacturing site would be ready for inspection, and, second, a question regarding the submission of the drug master production record.'
Shares of Acorda Therapeutics Inc (NASDAQ:ACOR) declined to as low as $18.40 per share on August 29, 2017.
On September 1, 2017, NASDAQ:ACOR shares closed at $21.70 per share.