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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against Acura Pharmaceuticals, Inc.

^{Published on 2010-10-21 11:10:37 - Market Wire}
 

BOULDER, Colo.--([ BUSINESS WIRE ])--The Shuman Law Firm ([ www.shumanlawfirm.com ]) today announced 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 the common stock of Acura Pharmaceuticals, Inc. ("Acura" or the "Company") (Nasdaq: ACUR) between February 21, 2006 and April 22, 2010, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Rusty E. Glenn toll-free at 866-974-8626 or email Mr. Glenn at [ rusty@shumanlawfirm.com ].

The complaint charges certain current and/or former Acura executive officers and directors of violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants concealed material adverse facts about the Company's lead product candidate, Acurox, including: (i) its clinical data was defective and its clinical studies were not properly designed; (ii) Acura had wholly ignored specific directives from the U.S. Food and Drug Administration (the "FDA") over the past four years as to specific clinical trials and evidence Acura had to demonstrate; and (iii) no evidence had been presented to the FDA that the niacin addictive discouraged abusers from abusing oxycodone.

On April 20, 2010, the FDA announced that the Company's clinical data and studies were substandard. Upon this news, Acura's stock price declined 42.5% in one day, to close at $6.25 in afterhours trading. Further, on April 22, 2010, the FDA Joint Panel voted nineteen to one against approving Acurox. As a result of these disclosures, the Company's stock price declined an additional 39%, to $3.20 per share, in the pre-market trading on April 23, 2010.

If you purchased Acura common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than November 9, 2010. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.