Acorda Therapeutics Inc (NASDAQ:ACOR) Investor Securities Class Action Lawsuit 11/17/2017

If you purchased a significant amount of shares of Acorda Therapeutics Inc (NASDAQ:ACOR) between April 18, 2016, and November 14, 2017, and / or if you purchased any NASDAQ:ACOR shares prior to April 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: January 17, 2018. NASDAQ:ACOR investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Acorda Therapeutics
Case Name: 
Acorda Therapeutics Shareholder Class Action Lawsuit 11/17/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ACOR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/17/2017
Class Period Begin: 
04/18/2016
Class Period End: 
11/14/2017
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/17/2018
Summary: 

An investor in shares of Acorda Therapeutics Inc (NASDAQ:ACOR) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Acorda Therapeutics Inc in connection with certain allegedly false and misleading statements made between April 18, 2016, and November 14, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Acorda Therapeutics Inc (NASDAQ:ACOR) common shares between April 18, 2016, and November 14, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 18, 2016, and November 14, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that tozadenant entailed significant undisclosed safety risks, that accordingly, the Company had overstated tozadenant’s approval prospects and commercial viability, that for the foregoing reasons, the Company had likewise overstated the benefits of the Biotie Acquisition, and that as a result of the foregoing, Acorda’s shares traded at artificially inflated prices between April 18, 2016, and November 14, 2017, and class members suffered significant losses and damages.

Ardsley, NY based Acorda Therapeutics, Inc. is a biopharmaceutical company that focuses on developing therapies that restore function and improve the lives of people with neurological disorders. Acorda Therapeutics Inc reported that its annual Total Revenue rose from $492.66 million in 2015 to $519.60 million in 2016 and that its Net Income of $11.06 million in 2015 declined to a Net Loss of $34.62 million in 2016. Shares of Acorda Therapeutics Inc (NASDAQ:ACOR) grew to as high as $25.70 per share on August 28, 2017.

On August 29, 2017, Acorda Therapeutics Inc disclosed that it had received a Refusal to File (“RTF”) letter from the U.S. Food and Drug Administration (“FDA”) regarding the new drug application (“NDA”) it had submitted in June for Inbrija, a potential treatment for Parkinson's disease. Acorda Therapeutics Inc stated, "FDA specified two reasons for the RTF: first, the date when the manufacturing site would be ready for inspection, and, second, a question regarding the submission of the drug master production record." Shares of Acorda Therapeutics Inc (NASDAQ:ACOR) declined to as low as $18.40 per share on August 29, 2017.

On November 15, 2017, Acorda Therapeutics Inc disclosed that it stopped enrolling new patients in its Phase 3 trial of tozadenant due to five deaths that took place in the group of patients taking tozadenant. Tozadenant is an oral adenosine A2a receptor antagonist currently in Phase 3 development as an adjunctive treatment to levodopa in Parkinson's disease patients to reduce OFF time. Acorda Therapeutics Inc informed investors that new enrollment suspension was pending further discussion with the independent Data Safety Monitoring Board and the FDA. Shares of Acorda Therapeutics Inc (NASDAQ:ACOR) declined to as low as $16.55 per share on November 16, 2017.