Kaskela Law LLC Announces Investigation of Acadia Pharmaceuticals Inc. (ACAD) and Encourages Long-Term ACAD Stockholders to Contact the Firm

PHILADELPHIA, March 24, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Acadia Pharmaceuticals Inc. ("Acadia" or the "Company") ACAD on behalf of the Company's stockholders. The investigation seeks to determine whether the members of Acadia's board of directors breached their fiduciary duties to the Company and its stockholders.  

Current Acadia stockholders who purchased or acquired shares of the Company's stock prior to April 9, 2018 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at skaskela@kaskelalaw.com or online at https://kaskelalaw.com/case/acadia-pharmaceuticals-inc/, for additional information about this investigation and their legal rights and options with respect to this matter.

Recently a securities fraud complaint was filed against Acadia and certain of the Company's executive officers on behalf of investors who purchased shares of Acadia's stock between April 29, 2016 and July 9, 2018. According to the complaint, during that time period the defendants made a series of materially false and/or misleading statements, and failed to disclose material adverse facts to investors, including that: (i) adverse events, safety concerns, and mounting reports of deaths related to NUPLAZID post-commercialization raised the risk that the FDA would reconsider its approval of the drug or, at minimum, that industry watchdogs would warn against prescribing the drug; (ii) as a result of NUPLAZID's deleterious safety profile and the availability of off-label alternatives, Acadia embarked on a campaign to pay off physicians to prescribe NUPLAZID; and (iii) these improper business practices, in contravention of federal regulations, raised a risk that Acadia would face regulatory scrutiny.

On April 9, 2018, CNN reported that "[p]hysicians, medical researchers and other experts told CNN that they worried that [NUPLAZID] had been approved too quickly, based on too little evidence that it was safe or effective. And given these mounting reports of deaths, they say that more needs to be done to assess Nuplazid's true risks."   On this news, Acadia's stock price fell $5.03 per share, or over 23% in value.

On April 25, 2018, CNN reported that the FDA was re-examining the safety of NUPLAZID. On this news, Acadia's stock price fell $4.27 per share, or 22% in value.

Finally, on July 9, 2018, the Southern Investigative Reporting Foundation ("SIRF") published a report critical of Acadia and NUPLAZID. On this news, Acadia's stock price fell nearly 7% in value.

Current Acadia stockholders who purchased or acquired shares of the Company's stock prior to April 9, 2018 are encouraged to contact Kaskela Law LLC for additional information about this investigation and their legal rights and options with respect to this matter.

Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.

CONTACT:

D. Seamus Kaskela, Esq.

KASKELA LAW LLC

18 Campus Blvd., Suite 100

Newtown Square, PA 19073

(484) 258 – 1585

(888) 715 – 1740

www.kaskelalaw.com

skaskela@kaskelalaw.com