AcelRx Pharmaceuticals, Inc.
Robbins Arroyo LLP: AcelRx Pharmaceuticals, Inc. (ACRX) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that an investor of AcelRx Pharmaceuticals, Inc. (NASDAQGM: ACRX) has filed a federal securities fraud class action complaint in the U.S. District Court for the Northern District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between December 2, 2013 and September 25, 2014. AcelRx is a specialty pharmaceutical company focused on the development and commercialization of therapies for the treatment of acute and breakthrough pain.
AcelRx Is Accused of Misrepresenting Its Zalviso Drug
According to the complaint, shares of AcelRx first fell $4.44 per share, or nearly 41%, to close at $6.39 on July 28, 2014, following AcelRx’s revelation that the company received a Complete Response Letter from the U.S. Food and Drug Administration regarding its new drug application for Zalviso, a drug designed for the management of moderate-to-severe acute pain in adult patients in the hospital. Specifically, the letter sought additional information regarding changes to the Instructions for Use for Zalviso and additional data to support the shelf life of the drug, among other things, all of which AcelRx noted would be addressed for a resubmission of the new drug application by the end of 2014. However, on September 26, 2014, AcelRx disclosed that the resubmission process would not be completed until the first quarter of 2015. On this news, shares of AcelRx declined an additional 19%, or $1.31 per share, to close at $5.41 on September 26, 2014.
AcelRx Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.