Violations of federal securities laws as a result of a series of materially false statements. The Complaint accuses Defendants of violations of the Securities Exchange Act of 1934 by virtue of their failure to disclose, during the Class Period, that: (i) contrary to the insistence by Uli Hacksell, the Company's CEO, the new drug application ("NDA") for Nuplazid was on track for submission to the Food and Drug Administration ("FDA") in the first quarter of 2015; and (ii) the plan to submit the NDA for Nuplazid in the first quarter of 2015 was imprudent and should have been delayed to allow more time to complete the readiness of the Company's commercial manufacturing systems. According to the Complaint, following the announcement on March 11, 2015 by the Company's new CEO, Steven Davis, that submission of the NDA for Nuplazid would not take place until the second half of 2015 because it was more prudent for the Company to submit the NDA after the Company took more time to complete the readiness of its commercial manufacturing systems to allow those systems to be ready for FDA review, the value of Acadia shares declined significantly. Filed in S.D. Cal.
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