SHAREHOLDER ALERT: Stephens & Stephens LLP Investigating the Officers and Directors of ACADIA Pharmaceuticals Inc. (ACAD)
Stephens & Stephens LLP is investigating the officers and directors of ACADIA Pharmaceuticals Inc. (NasdaqGS: ACAD) for breach of fiduciary duties on the part of its directors and management.
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ACADIA Pharmaceuticals (ACAD) Accused of Misleading Shareholders
According to the class action lawsuit filed against ACADIA Pharmaceuticals Inc., ACADIA and certain of its officers and directors are charged with failing to disclose material information regarding its lead drug candidate NUPLAZID and for violations of federal laws that prevent pharmaceutical companies fom providing remuneration to include or provide referrals for drugs payable by a federal program.
On July 9, 2018, the Southern Investigative Reporting Foundation (now known as the Foundation for Financial Journalism) reported that "evidence is mounting that something is horribly wrong with Acadia's sole drug, Nuplazid" and that "Acadia has accomplished its growth in ways that have attracted intense regulatory scrutiny for other drug companies" including "dispensing wads of cash to doctors to incentivize prescription writing and downplaying mounting reports of patient deaths."
On June 1, 2020, Judge Anthony J. Battaglia of the United States District Court for the Southern District of California issued an order in In re Acadia Pharmaceuticals Inc. Securities Litigation granting in part and denying in part the defendants' motion to dismiss.
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