Acorda Therapeutics, Inc.
| Company Name | Acorda Therapeutics, Inc. |
| Stock Symbol | ACOR |
| Class Period | April 18, 2016 to November 14, 2017 |
| Lead Plaintiff Motion Deadline | January 17, 2018 |
On November 15, 2017, Acorda announced that five patients enrolled in a late stage trial of tozadenant, a treatment for Parkinson’s, had died.
On this news, Acorda’s share price fell $11.20, or 39.7%, to close at $17.00 on November 15,2017, thereby injuring investors.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tozadenant entailed significant undisclosed safety risks; (ii) accordingly, the Company had overstated tozadenant’s approval prospects and commercial viability; (iii) for the foregoing reasons, 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, and class members suffered significant losses and damages.
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