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AcelRx Pharmaceuticals, Inc. Class Action Lawsuit

Company Name
AcelRx Pharmaceuticals, Inc.
Stock Symbol
ACRX
Class Period
March 17, 2020 to February 12, 2021
Motion Deadline
August 7, 2021
Court
Northern District of California
50 days left to seek lead plaintiff status

Case Summary

The AcelRx Pharmaceuticals, Inc. class action lawsuit charges AcelRx and its top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of AcelRx securities between March 17, 2020 and February 12, 2021, inclusive (the “Class Period”).  The AcelRx class action lawsuit was commenced on June 8, 2021 in the Northern District of California and is captioned Sneed v. AcelRx Pharmaceuticals, Inc., No. 21-cv-04353.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased AcelRx securities during the Class Period to seek appointment as lead plaintiff in the AcelRx class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the AcelRx class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the AcelRx class action lawsuit.  An investor’s ability to share in any potential future recovery of the AcelRx action lawsuit is not dependent upon serving as lead plaintiff.  If you wish to serve as lead plaintiff of the AcelRx class action lawsuit or have questions concerning your rights regarding the AcelRx class action lawsuit, please provide your information here or contact counsel, Jennifer Caringal of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at jcaringal@rgrdlaw.com.  Lead plaintiff motions for the AcelRx class action lawsuit must be filed with the court no later than August 9, 2021.

AcelRx is a specialty pharmaceutical company that focuses on the development and commercialization of therapies for the treatment of acute pain.  AcelRx’s lead product candidate is DSUVIA, a 30 mcg sufentanil sublingual tablet for the treatment of moderate-to-severe acute pain.  On November 2, 2018, AcelRx announced that the U.S. Food and Drug Administration (“FDA”) had approved DSUVIA for the management of acute pain in adults that is severe enough to require an opioid analgesic in certified medically supervised healthcare settings, such as hospitals, surgical centers, and emergency departments.

The AcelRx class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) AcelRx had deficient disclosure controls and procedures with respect to its marketing of DSUVIA; (ii) consequently, AcelRx had been making false or misleading claims and representations about the risks and efficacy of DSUVIA in certain advertisements and displays; (iii) this conduct, in turn, subjected AcelRx to increased regulatory scrutiny and enforcement; and (iv) as a result, AcelRx’s public statements were materially false and misleading at all relevant times.

On February 16, 2021, AcelRx disclosed that, on February 11, 2021, AcelRx 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 (PMUS- 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, AcelRx’s stock price fell more than 8%, damaging investors.

With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.

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