RADNOR, Pa.--(BUSINESS WIRE)-- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Acorda Therapeutics, Inc. (NASDAQ: ACOR) (“Acorda” or the “Company”) on behalf of purchasers of the Company’s securities between April 18, 2016 and November 14, 2017, inclusive (the “Class Period”).
Acorda shareholders who purchased securities during the Class Period may, no later than January 18, 2018, seek to be appointed as a lead plaintiff representative of the class.
Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/acorda-therapeutics-inc#join.
Acorda is a biotechnology company focused 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 connection with the Biotie Acquisition, Acorda announced that it would “obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson’s disease.”
Among other things, the shareholder class action complaint alleges that Acorda and certain of its senior executive officers made a series of false and misleading statements and/or failed to disclose to investors that: (i) tozadenant entailed significant undisclosed safety risks; (ii) the Company had overstated tozadenant’s approval prospects and commercial viability; and (iii) for the foregoing reasons, the Company had likewise overstated the benefits of the Biotie Acquisition.
On November 15, 2017, Acorda disclosed the deaths of several patients enrolled in final-stage studies of tozadenant. The Company further disclosed 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, shares of Acorda’s stock fell $11.20 per share, or nearly 40%, to close on November 15, 2017 at $17.00 per share, on heavy trading volume.
Acorda shareholders may, no later than January 18, 2018, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/acorda-therapeutics-inc#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171226005010/en/
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
Source: Kessler Topaz Meltzer & Check, LLP