The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of AcelRx Pharmaceuticals, Inc. (ACRX) Investors
LOS ANGELES, June 25, 2021 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired AcelRx Pharmaceuticals, Inc. ("AcelRx" or the "Company") (NASDAQ: ACRX) securities between March 17, 2020 and February 12, 2021, inclusive (the "Class Period"). AcelRx investors have until August 9, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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 fell $0.21 per share, or 8.37%, to close at $2.30 per share on February 16, 2021, thereby injuring investors.
The complaint filed 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.
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If you purchased AcelRx securities during the Class Period, you may move the Court no later than August 9, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased AcelRx securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
SOURCE The Law Offices of Frank R. Cruz, Los Angeles
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