SAN DIEGO (TheStreet) -- Acadia Pharmaceuticals (ACAD) - Get Report shares were imploding late Wednesday on a double dose of bad news. The approval submission for the company's Parkinson's psychosis drug Nuplazid is delayed again to the second half of the year--and longtime CEO Uli Hacksel announced his immediate "retirement" from the company, including his seat on the board.

On Tuesday, Acadia shares surged 16% to a market value topping $4.5 billion on rampant market speculation that Acadia was going to be acquired. Why? Because company executives cancelled appearances at two recent healthcare investor conferences. In this current biotech bull (bubble) market, skipping out on investor show-and-tell means imminent M&A.

Except when it doesn't, as Acadia now proves. Acadia shares were down 22% to $34.70 in after-hours trading. 

Acadia has previously told investors that the Nuplazid New Drug Application would be filed to FDA by the end of 2014. The deadline next slipped to the first quarter of this year. Now, the company says the need to complete "preparations of systems" is forcing another Nuplazid filing delay into the second half of the year.

The new delay is not the result of any interaction with the FDA or a change in the clinical and safety profile of Nuplazid, Acadia says. Investors aren't buying the facile explanation given management's prior insistence that everything with the drug's regulatory submissions were on track.

And then there's Hacksel's surprise exit as Acadia's CEO, which was announced today with no explanation as if it's unrelated at all to the Nuplazid problems.

Biotech bull markets can make investors complacent and lazy, but few are stupid enough to believe the line of B.S. dished out by Acadia Wednesday.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.