Cases
Acorda Therapeutics, Inc. (NASDAQ: ACOR)
Securities Class Action
Overview
Overview
- Date:
- 11/17/2017
- Company Name:
- Acorda Therapeutics, Inc.
- Stock Symbol:
- ACOR
- Class Period:
- FROM 4/18/2016 TO 11/14/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, November 17, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Acorda Therapeutics, Inc. (NASDAQ: ACOR) securities between April 18, 2016 and November 14, 2017 (the “Class Period”). Investors have until January 17, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Acorda is a biotechnology company with a focus on the identification, development, and commercialization of therapies for neurological disorders. On January 19, 2016, Acorda announced an agreement to acquire Biotie Therapies Corporation (“Biotie”) for approximately $363 million (the “Biotie Acquisition”). In its press release announcing the Biotie Acquisition, Acorda advised investors, inter alia, that the Company “will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson’s disease (PD).” On April 18, 2016, Acorda acquired approximately 93% of the fully diluted capital stock of Biotie. In September 2016, Acorda completed the Biotie Acquisition.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tozadenant entailed significant undisclosed safety risks; (ii) accordingly, the Company had overstated tozadenant’s approval prospects and commercial viability; (iii) for the foregoing reasons, the Company had likewise overstated the benefits of the Biotie Acquisition; and (iv) as a result of the foregoing, Acorda’s shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On November 15, 2017, Acorda disclosed the deaths of several patients in the Company’s final-stage studies of tozadenant. Acorda advised investors that it had paused new enrollment in the drug’s long-term safety studies, pending further discussion with the independent Data Safety Monitoring Board and the U.S. Food and Drug Administration.
On this news, Acorda’s share price fell $11.20, or 39.72%, to close at $17.00 on November 15, 2017.
If you purchased or otherwise acquired Acorda securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
Acorda is a biotechnology company with a focus on the identification, development, and commercialization of therapies for neurological disorders. On January 19, 2016, Acorda announced an agreement to acquire Biotie Therapies Corporation (“Biotie”) for approximately $363 million (the “Biotie Acquisition”). In its press release announcing the Biotie Acquisition, Acorda advised investors, inter alia, that the Company “will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson’s disease (PD).” On April 18, 2016, Acorda acquired approximately 93% of the fully diluted capital stock of Biotie. In September 2016, Acorda completed the Biotie Acquisition.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tozadenant entailed significant undisclosed safety risks; (ii) accordingly, the Company had overstated tozadenant’s approval prospects and commercial viability; (iii) for the foregoing reasons, the Company had likewise overstated the benefits of the Biotie Acquisition; and (iv) as a result of the foregoing, Acorda’s shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On November 15, 2017, Acorda disclosed the deaths of several patients in the Company’s final-stage studies of tozadenant. Acorda advised investors that it had paused new enrollment in the drug’s long-term safety studies, pending further discussion with the independent Data Safety Monitoring Board and the U.S. Food and Drug Administration.
On this news, Acorda’s share price fell $11.20, or 39.72%, to close at $17.00 on November 15, 2017.
If you purchased or otherwise acquired Acorda securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.