Acura Pharmaceuticals Inc (NASDAQ: ACUR) Investor Securities Class Action Lawsuit 09/10/2010

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Company Name(s): 
Acura Pharmaceuticals
Case Name: 
Acura Pharmaceuticals Shareholder Class Action Lawsuit 09/10/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ACUR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/10/2010
Class Period Begin: 
02/21/2006
Class Period End: 
04/22/2010
Court of Filing: 
U.S. District Court for the Northern District of Illinois
Deadline To File for Lead: 
11/09/2010
Date Settled: 
03/14/2012
Settlement Amount: 
$1,500,000
Deadline to Participate in Settlement: 
03/19/2012
Summary: 

March 14, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

February 16, 2012 - The court held a final settlement hearing.

November 10, 2011 - The court preliminarily approved the settlement.

October 31, 2011 - Parties filed a stipulation of settlement.

March 14, 2011 - The lead plaintiff filed an amended complaint.

January 11, 2011 - The lead plaintiff and lead counsel were appointed.

November 9, 2010 - Lead plaintiff motions were filed.

September 10, 2010 - An investor in shares of Acura Pharmaceuticals Inc (NASDAQ: ACUR) filed a lawsuit in the U.S. District Court for the Northern District of Illinois against Acura Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 21, 2006 and April 22, 2010.

Acura Pharmaceuticals Inc, located in Palatine, Illinois, is a specialty pharmaceutical company engaged in research, development and manufacture of product candidates providing abuse deterrent features and benefits utilizing its Aversion Technology. According to the complaint the plaintiff alleges that Acura Pharmaceuticals Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by concealing between February 21, 2006 and April 22, 2010 material adverse facts about one of Acura Pharmaceutical Inc's lead product candidate, Acurox, an orally administered immediate release tablet containing oxycodone as its active ingredient and niacin as an oral abuse-deterrent.

According to the plaintiff Acura Pharmaceuticals Inc repeatedly announced to its investors the strength of the clinical trials of Acurox and the drug's potential for obtaining FDA approval, and thus commercial viability. Then on April 22, 2010 Acura Pharmaceuticals Inc (NASDAQ: ACUR) announced that the U.S. Food and Drug Administration's Anesthetic and Life Support Drugs and Drug Safety and Risk Management Committees voted that they do not have enough evidence to support the approval of the New Drug Application for Acurox Tablets for the treatment of moderate to severe pain, considering the deterrent effects of niacin as well as the potential deterrent effects of the other features specific to Acurox.

In response to this news Acura Pharmaceuticals Inc's (NASDAQ ACUR) stock price declined from $7.90 per share on April 19, 2010 to $4.02 per share on April 23, 2010. Acura Pharmaceuticals Inc (NASDAQ ACUR) shares, which traded as high as over $24 per share during 2007, continued to decline to recently as low as $2.38 per share.