NEW YORK, June 15, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against AcelRx Pharmaceuticals, Inc. (“AcelRx”) (NASDAQ: ACRX) in the United States District Court for the Northern District of California on behalf of those who purchased or otherwise acquired AcelRx publicly traded securities between March 17, 2020 and February 12, 2021, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had deficient disclosure controls and procedures with respect to its marketing of DSUVIA; (2) as a result, the Company 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, the Company’s public statements were materially false and misleading at all relevant times.
On February 16, 2021, the Company disclosed that, on February 11, 2021, the Company received a warning letter from the FDA concerning promotional claims for DSUVIA. Specifically, having “reviewed an ‘SDS Banner Ad’ (banner) (PM-US-DSV-0018) and a tabletop display (PM-US-DSV-0049) (display),” the FDA concluded that “[t]he promotional communications, the banner and display, 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.” The warning letter “request[ed] that AcelRx cease any violations of the FD&C Act” and “submit a written response to th[e] letter within 15 days from the date of receipt.”
On this news, the Company’s stock price fell $0.21 per share, or 8.37%, to close at $2.30 per share on February 16, 2021.
Investors who purchased or otherwise acquired shares of AcelRx during the Class Period should contact the Firm prior to the August 9, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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