SOURCE: Brower Piven, A Professional Corporation

September 24, 2010 12:04 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Acura Pharmaceuticals, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 9, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - September 24, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Acura Pharmaceuticals, Inc. ("Acura" or the "Company") (NASDAQ: ACUR) during the period between February 21, 2006 and April 22, 2010, inclusive (the "Class Period").

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's concealment during the Class Period of material adverse facts about the Company's lead product candidate, Acurox, an orally administered immediate release tablet containing oxycodone as its active ingredient and niacin as an oral abuse-deterrent and that the FDA had been prodding Acura to demonstrate the deterrent efficacy of niacin since at least May 2009 while, also during the Class Period, the Company touted the strength of the clinical trials of Acurox and the drug's potential for obtaining FDA approval, and thus its commercial viability.

According to the complaint, after the FDA posted on its website, on April 20, 2010, briefing materials for an April 22, 2010 meeting to consider the New Drug Application of Acurox advising that: Acura's Aversion Technology was nowhere near effective enough to warrant approval, that the Company's clinical data was defective; that its clinical studies were not properly designed; that the Company had wholly ignored specific directives from FDA over the past four years as to specific clinical trials and evidence Acura had to demonstrate; and that that no evidence had ever been presented to the FDA that the niacin additive discouraged abusers from abusing oxycodone, the value of Acura's shares declined substantially.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 9, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

If you have suffered a net loss for all transactions in Acura Pharmaceuticals, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact