Kahn Swick & Foti, LLC ("KSF") and its partner, the former Louisiana Attorney General Charles C. Foti, Jr. remind investors that they have only until November 9, 2010, to file lead plaintiff applications in a securities class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of purchasers of Acura Pharmaceuticals, Inc. ("Acura") (Nasdaq: ACUR) common stock during the period between February 21, 2006 and April 22, 2010, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
What You May Do
If you are an Acura shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (
), toll free 1-866-467-1400, ext. 200, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (
), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must act urgently and request this position by application to the Court by November 9, 2010. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF encourages both institutional and individual purchasers of Acura to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests.
About the Lawsuit
The complaint alleges that Acura withheld critical information from shareholders concerning the effectiveness of its drug Acurox. The market was stunned on April 20, 2010, when the FDA announced that the Company’s clinical data and studies were substandard, among a host of other pronouncements. On this news, Acura’s stock price declined 42.5% in one day, to close at $6.25 in afterhours trading. More, after the FDA Joint Panel voted 19-1 against approving Acurox, in addition to the news that the FDA had been prodding Acura to demonstrate the deterrent efficacy of niacin – the oral abuse-deterrent component of Acurox – since at least May of 2009, Acura’s share price declined 39%, to $3.20 per share, in the pre-market trading on April 23, 2010.