Drugmaker Acadia Sheds Some Investor Claims in Stock Drop Suit

Acadia Pharmaceuticals Inc. has persuaded a federal judge to trim claims from investment funds that said the drugmaker misled them into thinking an antipsychotic drug was poised for expanded use, causing them to suffer financial losses.

Alger Dynamic Opportunities Fund and other investment vehicle claims that they relied on misleading Acadia statements to buy or sell the company’s stock and were defrauded under California and common law are unable to proceed, Judge William Q. Hayes of the US District Court for the Southern District of California ruled Thursday in response to Acadia’s bid to dismiss the case. But ...