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Shareholders Class Action Filed Against Acorda Therapeutics, Inc.

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Acorda Therapeutics, Inc. (“Acorda”) (Nasdaq: ACOR) securities between April 18, 2016 and November 14, 2017, both dates inclusive (the “Class Period”). 

Acorda, Inc. investors may receive additional information about the case by clicking the link "Submit Your Information" above.    

According to the complaint, Acorda is a biotechnology company with a focus on the identification, development, and commercialization of therapies for neurological disorders.

On January 19, 2016, Acorda announced an agreement to acquire Biotie Therapies Corporation (“Biotie”) for approximately $363 million (the “Biotie Acquisition”). In its press release announcing the Biotie Acquisition, Acorda advised investors, inter alia, that the company “will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson’s disease (PD).” On April 18, 2016, Acorda acquired approximately 93% of the fully diluted capital stock of Biotie. In September 2016, Acorda completed the Biotie Acquisition. 

The complaint alleges that, on November 15, 2017, Acorda disclosed the deaths of several patients in the company’s final-stage studies of tozadenant. Acorda advised investors that it had paused new enrollment in the drug’s long-term safety studies, pending further discussion with the independent Data Safety Monitoring Board and the U.S. Food and Drug Administration. 

On this news, Acorda’s share price fell $11.20, or 39.72%, to close at $17.00 on November 15, 2017.

The complaint alleges that, throughout the Class Period,, the defendants made false and/or misleading statements and/or failed to disclose that: (i) tozadenant entailed significant undisclosed safety risks; (ii) accordingly, the company had overstated tozadenant’s approval prospects and commercial viability; (iii) for the foregoing reasons, the company had likewise overstated the benefits of the Biotie Acquisition; and (iv) as a result of the foregoing, Acorda’s shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

If you are a member of the class described above, you may no later than January 18, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.  

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 
1-888-299-7706 (toll free) or 1-610-667-7706 
Or by e-mail at info@ktmc.com
 

Please complete this form and list your purchase and sale transaction(s) Acorda Therapeutics, Inc. (“Acorda”) (Nasdaq: ACOR) securities between April 18, 2016 and November 14, 2017, both dates inclusive (the “Class Period”).

Information Sheet
* Denotes required field
Acquisitions
Date Aquired
Number of Shares Acquired
Acquisition Price Per Share
Sales
Date Sold
Number of Shares Sold
Selling Price Per Share
Did you purchase shares of Acorda Therapeutics, Inc. prior to the class period?
Are you a current or former employee of Acorda Therapeutics, Inc. ?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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