A lawsuit was filed on behalf of investors in AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) shares over alleged securities laws violations. Deadline: December 1, 2014. NASDAQ:ACRX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/06/2014 -- The Shareholders Foundation announces that an investor, who purchased shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by AcelRx Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between December 2, 2013 and September 25, 2014.
Investors who purchased shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) have certain options and for certain investors are short and strict deadlines running. Deadline: December 1, 2014. NASDAQ:ACRX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of those who purchased or otherwise acquired AcelRx Pharmaceuticals Inc’s (NASDAQ:ACRX) common stock and/or call options, or sold/wrote AcelRx Pharmaceuticals Inc’s put options between December 2, 2013 and September 25, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose between December 2, 2013 and September 25, 2014 that the Instructions for Use (IFU) for Zalviso were not designed to adequately address the risk of the inadvertent misplacement of tablets, that AcelRx Pharmaceuticals Inc had not submitted to the U.S. Food and Drug Administration (“FDA”) sufficient data to support the shelf life of the product, and 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.
AcelRx Pharmaceuticals Inc reported that its annual Total Revenue rose from $$2.39 million in 2012 to $29.50 million in 2013 and that its respective Net Loss declined from $33.36 million to $23.43 million. Shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) grew from $3.01 per share in November 2012 to as high as $12.69 per share in early 2014.
Then on July 25, 2014, AcelRx Pharmaceuticals Inc announced that the FDA has issued a Complete Response Letter for the Company's new drug application (“NDA”) for Zalviso™ (sufentanil sublingual tablet system). The Company is currently reviewing the FDA's comments and requests contained in the CRL and plans to discuss these requests with theFDA. AcelRx Pharmaceuticals said that the Complete Response Letter contains requests for additional information on the Zalviso System to ensure proper use of the device. AcelRx Pharmaceuticals said that additional bench testing will be required and human factors testing may be required to address certain items in the Complete Response Letter.
Shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) dropped from as high as $11.38 per share during July 25, 2014, to $6.14 per share on July 28, 2014,
On September 26, 2014, AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) provided an update on the plans for the resubmission of the Company's New Drug Application (NDA) for Zalviso™ (sufentanil sublingual tablet system). Among other things, AcelRx Pharmaceuticals Inc said that the timing of the filing of the NDA could be later than the first quarter of 2015 and that theFDA communicated that the planned resubmission will qualify as a Class 2 resubmission with a review period of six months.
Shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) declined from $8.09 per share on September 8, 2014, to as low as $5.27 per share on September 26, 2014 and continued to declined to as low as $5.33 per share on October 1, 2014.
Those who purchased shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) have certain options and should contact the Shareholders Foundation.
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