| Company: | Acura Pharmaceuticals, Inc. |
| Ticker Symbol: | ACUR |
| Class Period: | Feb-21-06 to Apr-22-10 |
| Date Filed: | Oct-21-10 |
| Lead Plaintiff Deadline: | Dec-20-10 |
| Court: | Northern District of Illinois |
| Allegations: | |
The complaint charges certain current and/or former Acura executive officers and directors of violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants concealed material adverse facts about the Company's lead product candidate, Acurox, including: (i) its clinical data was defective and its clinical studies were not properly designed; (ii) Acura had wholly ignored specific directives from the U.S. Food and Drug Administration (the "FDA") over the past four years as to specific clinical trials and evidence Acura had to demonstrate; and (iii) no evidence had been presented to the FDA that the niacin addictive discouraged abusers from abusing oxycodone.
On April 20, 2010, the FDA announced that the Company's clinical data and studies were substandard. Upon this news, Acura's stock price declined 42.5% in one day, to close at $6.25 in afterhours trading. Further, on April 22, 2010, the FDA Joint Panel voted nineteen to one against approving Acurox. As a result of these disclosures, the Company's stock price declined an additional 39%, to $3.20 per share, in the pre-market trading on April 23, 2010.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
