NEW YORK, NY / ACCESSWIRE / December 27, 2017 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Acorda Therapeutics, Inc. ("Acorda" or the "Company") (NASDAQ: ACOR) of the January 16, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Acorda stock or options between April 18, 2016 and November 14, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/ACOR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Acorda securities April 18, 2016 and November 14, 2017 (the "Class Period"). The case, Hague v. Acorda Therapeutics, Inc. et al, No. 17-cv-08997 was filed on November 17, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the benefits of the acquisition of Biotie Therapies Corporation ("Biotie"), specifically when referring to the tozadenant's approval prospects and commercial viability.
On January 19, 2016, Acorda announced the acquisition of Biotie for approximately $363 million, touting to investors that the Company would obtain worldwide right to tozadenant, a trial Parkinson's disease treatment that was then undergoing Phase 3 development. The Company further disclosed to have acquired approximately 93% of the fully diluted capital stock on April 18, 2016, and had finalized the acquisition by September 2016. During the relevant Class Period, the Company made misleading statements regarding the safety risks of tozadenant.
On November 15 2017, Acorda announced that it had identified seven cases of sepsis in patients, five of which were fatal, during the final-stage trial studies of tozadenant. The Company also announced that new patient enrollment in the trial would be stopped.
After the announcement, Acorda's share price fell from $28.20 per share on November 14, 2017 to a closing price of $17 on November 15, 2017 - an $11.20 or a 39.72% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Acorda's conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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SOURCE: Faruqi & Faruqi, LLP
