| Company: | Acura Pharmaceuticals, Inc |
| Ticker Symbol: | ACUR |
| Class Period: | Feb-21-06 to Apr-22-10 |
| Date Filed: | Sep-13-10 |
| Lead Plaintiff Deadline: | Nov-12-10 |
| Court: | Northern District of Illinois against Acura Pharmaceuticals, Inc. over alleged violations |
| Allegations: | |
Acura Pharmaceuticals, 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 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'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 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 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's stock price declined from $7.90 per share on April 19, 2010 to $4.02 per share on April 23, 2010. Acura Pharmaceuticals shares, which traded as high as over $24 per share during 2007, continued to decline to recently as low as $2.38 per share.
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.
