Acorda, Inc. investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, 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, 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.
The complaint alleges that, throughout the Class Period, the 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.
If you are a member of the class described above, you may no later than January 18, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
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