Acadia Pharmaceuticals Inc. has announced that the United States District Court for the Southern District of California preliminarily approved a settlement of a stockholder derivative lawsuit. The court has scheduled a hearing to consider final approval of the settlement on January 13, 2027, at 2:00 p.m. at the James M. Carter and Judith N. Keep United States Courthouse in San Diego, California. The hearing will also be accessible via Zoom or other video platforms.
The derivative action, captioned Kanner et al. v. Biggar et al., was filed on behalf of the Company by stockholders alleging breaches of fiduciary duty and other misconduct. The settlement requires the Company to adopt and maintain a set of corporate governance reforms designed to strengthen internal practices and prevent similar alleged wrongdoing. In exchange for these reforms, the parties have agreed to a proposed fee and expense amount of $1.5 million to be paid to the stockholders' counsel, subject to court approval.
The Company stated that the Notice of Pendency and Proposed Settlement of Derivative Matters and the Stipulation and Agreement of Settlement are available for review on the Investor Relations section of the Company's website at ir.acadia.com. The filing notes that this action is not a class action and that if the court approves the settlement, stockholders will be barred from contesting the approval or pursuing the released claims.
