INVESTOR ALERT: Class Action Lawsuit Against AcelRx Pharmaceuticals, Inc. Filed By Glancy Binkow & Goldberg LLP
03 October 2014 - 12:32AM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of
AcelRx Pharmaceuticals, Inc. (“AcelRx” or the “Company”) (NASDAQ:
ACRX), has filed a class action lawsuit in the United States
District Court for the Northern District of California on behalf of
a class (the “Class”) comprising those who purchased or otherwise
acquired AcelRx’s common stock and/or call options, or sold/wrote
AcelRx’s put options between December 2, 2013 and September 25,
2014 inclusive (the “Class Period”).
Please contact Casey Sadler or Lesley Portnoy at (310) 201-9150
or (888) 773-9224, or at shareholders@glancylaw.com to discuss this
matter. If you inquire by email, please include your mailing
address, telephone number and number of shares purchased.
AcelRx is a specialty pharmaceutical company focused on the
development and commercialization of innovative therapies for the
treatment of acute and breakthrough pain. The Company plans to
commercialize its product candidates in the United States and
license the development and commercialization rights to its product
candidates for sale outside of the United States through strategic
partnerships and collaborations. One such product is Zalviso, which
consists of sufentanil tablets delivered by the Zalviso System, a
needle-free, handheld, patient-administered, pain management system
(collectively, “Zalviso”).
The Complaint alleges that defendants made false and/or
misleading statements and/or failed to disclose during the Class
Period: (1) that the Instructions for Use (IFU) for Zalviso were
not designed to adequately address the risk of the inadvertent
misplacement of tablets; (2) that the Company had not submitted to
the FDA sufficient data to support the shelf life of the product;
and (3) that, as a result of the foregoing, Defendants’ statements
about Zalviso, including the drug’s regulatory approval and
financial prospects, were materially false and misleading at all
relevant times and/or lacked a reasonable basis.
On July 25, 2014, after the market closed, AcelRx announced that
it had received a Complete Response Letter (“CRL”) from the FDA
regarding its New Drug Application for Zalviso. According to the
Company, the FDA requested additional information on the Zalviso
System to ensure proper use of the device, including changes to the
Instructions for Use for the device and additional data to support
the shelf life of the product. On this news, shares of AcelRx
declined $4.44 per share, nearly 41%, to close on July 28, 2014, at
$6.39 per share, on unusually heavy volume.
On September 26, 2014, AcelRx revealed that the resubmission
process for its Zalviso NDA would not be complete until the first
quarter of 2015 at the earliest. According to the Company, the FDA
also communicated that the planned resubmission will qualify as a
Class 2 resubmission with a review period of six months. On this
news, shares of AcelRx declined $1.31 per share, over 19%, to close
on September 26, 2014, at $5.41 per share, on unusually heavy
volume.
If you are a member of the Class described above, you may move
the Court no later than sixty (60) days from the date of this
Notice, to serve as lead plaintiff, if you meet certain legal
requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish to
learn more about this action, or if you have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Casey Sadler, Esquire, or
Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925
Century Park East, Suite 2100, Los Angeles, California 90067, at
(310) 201-9150 or (888) 773-9224, by e-mail to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email, please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CACasey
SadlerLesley Portnoy(310) 201-9150(888)
773-9224shareholders@glancylaw.comwww.glancylaw.com
AcelRX Pharmaceuticals (NASDAQ:ACRX)
Historical Stock Chart
From Sep 2024 to Oct 2024
AcelRX Pharmaceuticals (NASDAQ:ACRX)
Historical Stock Chart
From Oct 2023 to Oct 2024