The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Acorda Therapeutics, Inc. (NASDAQ: ACOR) who purchased shares between April 18, 2016 and November 14, 2017. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (i) the drug treatment tozadenant entailed significant undisclosed safety risks; (ii) accordingly, the Company had overstated tozadenant’s approval prospects and commercial viability; (iii) 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.
On November 15, 2017, Acorda revealed it had ceased enrolling new patients in its Phase 3 trial of its Parkinson’s treatment due to patient deaths.
Shareholders have until January 17, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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