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Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Acadia Pharmaceuticals, Inc. and Encourages Investors to Contact the Firm

NEW YORK, June 12, 2021 – (BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California by investors who have purchased Acadia Pharmaceuticals, Inc. (NASDAQ: ACAD) securities between June 15, 2020 and April 4, 2021, inclusive (the “Class Period”). Investors have until June 18, 2021 to apply to the court for appointment as the lead plaintiff in the litigation.

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Acadia is a biopharmaceutical company focused on the development and commercialization of small molecule drugs that meet unmet medical needs in diseases of the central nervous system. The company develops Pimavanserin for the treatment of dementia-related psychosis and as an additional treatment for schizophrenia and as an additional treatment for severe depressive disorders.

On March 8, 2021, Acadia published a press release with a regulatory update on the pimavanserin sNDA announcing that “the company has received a notice from the [FDA] on March 3, 2021, declaring that as part of the company’s ongoing review [sNDA], The FDA has identified deficiencies that currently preclude discussion of the post-market requirements / obligations. “Acadia stated that”[t]The notification does not contain any details of the deficiencies identified by the FDA and there was no clarification by the FDA at the time. “

As a result of this news, Acadia’s stock price fell $ 20.76 per share, or 45.35%, to close at $ 25.02 per share on March 9, 2021.

Then, on April 5, 2021, Acadia issued a press release announcing that the company had received a full response letter (“CRL”) from the FDA stating that pimavanserin has not been approved for sNDA in its current form can be. Specifically, the press release states that “the [FDA Division of Psychiatry], in the CRL, a lack of statistical significance in some of the dementia subgroups and an insufficient number of patients with certain, less common dementia subtypes as a lack of substantive evidence of efficacy to support approval.

The story goes on

In light of the news, Acadia stock price fell $ 4.41 per share, or 17.23%, to close at $ 21.18 per share on April 5, 2021.

The lawsuit, filed on April 19, 2021, alleges that defendants made essentially false and misleading statements about the company’s business, operational and compliance policies during the class action period. In particular, the defendants made false and / or misleading statements and / or did not disclose that: (i) the materials submitted in support of pimavanserin sNDA contained statistical and design deficiencies; (ii) accordingly, pimavanserin sNDA lacked the conclusive support that the company had given investors credit for; (iii) the FDA is unlikely to approve the pimavanserin sNDA in its current form; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.

If you have purchased Acadia securities during the Class Action Period and suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at [email protected], by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.

About Bragar Eagle & Squire, PC:

Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210611005498/en/


Bragar Adler & Knappe, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]

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