AcelRx Pharmaceuticals, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired AcelRx Pharmaceuticals, Inc. (“AcelRx” or the “Company”) (NASDAQ: ACRX) securities between March 17, 2020 and February 12, 2021, inclusive (the “Class Period”). Investors have until August 9, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
AcelRx is a pharmaceutical company that develops therapies for the treatment of acute pain. One of its lead product candidates is DSUVIA, which has been approved by the U.S. Food and Drug Administration (“FDA”) for the management of acute pain in adults that is severe enough to require an opioid analgesic in certified medically supervised healthcare settings.
On February 16, 2021, AcelRx disclosed that it had received a warning letter from the FDA concerning promotional claims for DSUVIA. Specifically, the FDA concluded that certain of AcelRx’s promotional communications “make false or misleading claims and representations about the risks and efficacy of DSUVIA,” and “[t]hus . . . misbrand Dsuvia within the meaning of the Federal Food, Drug and Cosmetic Act (FD&C Act) and make its distribution violative.” On this news, AcelRx’s stock price declined by $0.21 per share, or approximately 8.4%, from $2.51 per share on February 12, 2021 to close at $2.30 per share on February 16, 2021, thereby injuring investors.
The lawsuit alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors that: (1) AcelRx had deficient disclosure controls and procedures with respect to its marketing of DSUVIA; (2) as a result, AcelRx had been making false or misleading claims and representations about the risks and efficacy of DSUVIA in certain advertisements and displays; (3) the foregoing conduct subjected the Company to increased regulatory scrutiny and enforcement; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired AcelRx securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.