NEW YORK, Oct. 10, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for Northern District of California, on behalf of all persons who purchased or otherwise acquired AcelRx Pharmaceuticals, Inc. ("AcelRx" or the "Company") (Nasdaq:ACRX) securities during the period between December 2, 2013 and September 25, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that Defendants made false and or misleading statements and or failed to disclose that: (i) the Instructions for Use ("IFU") for Zalviso were not designed to adequately address the risk of the inadvertent misplacement of tablets; (ii) the Company had not submitted to the FDA sufficient data to support the shelf life of the product; and (iii) due to the above Defendants' statements regarding Zalviso were materially false and misleading at all relevant times. On September 26, 2014, the Company disclosed that the resubmission process would not be completed until the first quarter of 2015. On this news, shares of AcelRx declined 19%, or $1.31 per share, to close at $5.41 on September 26, 2014.
If you wish to serve as lead plaintiff, you must move the Court no later than December 1, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston