NEW YORK, Sept. 10, 2010 (GLOBE NEWSWIRE) -- On September 10, 2010, Scott+Scott LLP filed a class action complaint against Acura Pharmaceuticals, Inc. ("Acura" or the "Company'') (Nasdaq:ACUR) and certain of the Company's officers in the U.S. District Court for the Northern District of Illinois. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing Acura common stock during the period beginning February 21, 2006 and ending April 22, 2010, inclusive (the "Class Period'').
If you purchased Acura common stock during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott ( scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website, ) for more information. There is no cost or fee to you.
Acura engages in the research, development, and manufacture of pharmaceutical product candidates utilizing Acura's proprietary "Aversion Technology" and other technologies that purportedly provide abuse deterrent features to orally-administered pharmaceutical drug products containing abusable active ingredients, such as tranquillizers, stimulants, sedatives, decongestants, and various other opioid analgesics.
The complaint alleges that, during the Class Period, Acura and certain of its officers and directors concealed material adverse facts about the Company's lead product candidate, Acurox, an orally administered immediate release tablet containing oxycodone as its active ingredient and niacin as an oral abuse-deterrent. After repeated glowing announcements by Acura to its investors touting the strength of the clinical trials of Acurox and the drug's potential for obtaining FDA approval, and thus commercial viability, the market was stunned when, on April 20, 2010, the FDA posted, on its website, briefing materials for the April 22, 2010 meeting to consider the New Drug Application of Acurox advising that: Acura's Aversion Technology was nowhere near effective enough to warrant approval, that the Company's clinical data was defective, that its clinical studies were not properly designed, that the Company had wholly ignored specific directives from FDA over the past four years as to specific clinical trials and evidence Acura had to demonstrate, and that that no evidence had ever been presented to the FDA that the niacin additive discouraged abusers from abusing oxycodone.
On this news, Acura's stock price declined 42.5% in one day, to close at $6.25 in afterhours trading. On April 22, 2010, the FDA Joint Panel voted 19-1 against approving Acurox. On the same day, it was reported that the FDA had been prodding Acura to demonstrate the deterrent efficacy of niacin since at least May 2009. As a result of these disclosures, Acura's stock price declined 39%, to $3.20 per share, in the pre-market trading on April 23, 2010.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
CONTACT: Scott+Scott LLP (800) 404-7770 (860) 537-5537 scottlaw@scott-scott.com