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RKS defeated a motion to dismiss, in relevant part, in a federal securities fraud case pending in the Southern District of California against Acadia Pharmaceuticals, Inc. and its Chief Executive Officer, Stephen R. Davis. The Honorable William Q. Hayes, U.S.D.J., found that Fred Alger Management and affiliated entities had adequately alleged that the Defendants misled investors regarding the FDA’s review and approval of one of Acadia’s new drugs, pimavanserin, and acted with “intent or deliberate recklessness” in doing so. Alger is now one step closer to trial and a potential recovery for its losses. Read the opinion here.