SOURCE: Kahn Swick & Foti, LLC

September 13, 2010 14:22 ET

INVESTOR ALERT: Kahn Swick & Foti, LLC and Former Louisiana Attorney General Notify Acura Pharmaceuticals, Inc. Shareholders With Large Financial Interests of Securities Fraud Class Action -- ACUR

NEW ORLEANS, LA--(Marketwire - September 13, 2010) -  Kahn Swick & Foti, LLC ("KSF") (www.ksfcounsel.com), a nationally recognized Louisiana-based law firm, and KSF partner Charles C. Foti, Jr., former Attorney General of Louisiana, announce that a class action securities case was filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of Acura Pharmaceuticals, Inc. ("Acura") (NASDAQ: ACUR) common stock during the period between February 21, 2006 and April 22, 2010, inclusive (the "Class Period").

If you are an Acura shareholder who has suffered losses on your investment during this period and would like to receive a copy of this complaint and discuss your rights as class members and/or apply for lead plaintiff, you may, without obligation or cost to you, prior to November 9, 2010, e-mail or call Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free at 1-866-467-1400, ext. 200, or after hours via cell phone 504-301-7900 or, KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877/694-9510, or via cell phone 330/860-4092. You may also visit KSF's website at www.ksfcounsel.com to contact the firm online. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing and controlling the litigation. To learn more about KSF and how becoming a lead plaintiff may benefit you, you may contact Mr. Kahn or Mr. Rothstein.

The complaint alleges that Acura withheld critical information from shareholders concerning the effectiveness of its drug Acurox. The market was surprised on April 20, 2010, when the FDA announced that the Company's clinical data and studies were substandard, among a host of other pronouncements. On this news, Acura's stock price declined 42.5% in one day, to close at $6.25 in afterhours trading. More, after the FDA Joint Panel voted 19-1 against approving Acurox, in addition to the news that the FDA had been prodding Acura to demonstrate the deterrent efficacy of niacin -- the oral abuse-deterrent component of Acurox -- since at least May of 2009, Acura's share price declined 39%, to $3.20 per share, in the pre-market trading on April 23, 2010.

If you wish to serve as lead plaintiff in this class action lawsuit, you must request this position by application to the court no later than November 9, 2010. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. To learn more about KSF, you may visit www.ksfcounsel.com. KSF is a law firm focused on securities class action litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions.

Contact Information

  • Contact:
    Kahn Swick & Foti, LLC
    Managing Partner
    Lewis Kahn
    toll free at 1-866-467-1400, ext. 200
    or after hours via cell phone 504-301-7900
    lewis.kahn@ksfcounsel.com
    206 Covington St.
    Madisonville, LA 70447