PHILADELPHIA, Oct. 5, 2010 (GLOBE NEWSWIRE) -- Spector Roseman Kodroff & Willis, P.C. ("SRKW") announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of Acura Pharmaceuticals, Inc. ("Acura" or the "Company") (Nasdaq:ACUR) common stock during the period between February 21, 2006 and April 22, 2010 (the "Class Period").
Acura, a specialty pharmaceutical company, engages in the research, development, and manufacture of pharmaceutical product candidates utilizing its proprietary Aversion Technology, Impede Technology, and other technologies. The complaint asserts that Acura and certain of its officers and directors violated the federal securities laws. Specifically, the complaint alleges that defendants concealed the following material adverse facts about the drug Acurox: (i) Acura's Aversion Technology was nowhere near effective enough to warrant approval; (ii) the Company's clinical data was defective and its clinical studies were not properly designed; (iii) Acura had wholly ignored specific directives from FDA over the past four years as to specific clinical trials and evidence Acura had to demonstrate; and (iv) no evidence had ever been presented to the FDA that the niacin additive discouraged abusers from abusing oxycodone.
On April 22, 2010, the FDA Joint Panel voted 19-1 against approving Acurox and it was reported that the FDA had been prodding Acura to demonstrate the deterrent efficacy of niacin since at least May 2009.
If you are a member of the class, you may, no later than November 9, 2010, request that the Court appoint you as lead plaintiff of the class. 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
If you want to consider serving as a lead plaintiff and bought Acura common stock between February 21, 2006 and April 22, 2010, or wish to discuss this matter further, you are encouraged to contact the following SRKW attorneys via telephone or e-mail:
About SRKW
SRKW has been representing individual and institutional investors for nearly three decades, serving as lead counsel in numerous securities class actions in U.S. federal and state courts. Please visit the firm's website () for more information about the firm.
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CONTACT: Spector Roseman Kodroff & Willis, P.C. (215) 496-0300 (888) 844-5862 classaction@srkw-law.com
