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US court preliminarily approves $1.5M settlement resolving derivative suit over FDA rejection of pimavanserin application
ACADAcadia Pharmaceuticals Inc
On August 24, 2026, the United States District Court for the Southern District of California preliminarily approved a settlement resolving a stockholder derivative action (Kanner et al. v. Biggar et al.) alleging that directors breached fiduciary duties regarding the FDA's rejection of Acadia's supplemental New Drug Application for pimavanserin. The settlement requires the adoption and maintenance of corporate governance reforms for four years and mandates payment of $1,500,000 in attorneys' fees to stockholders' counsel from an escrow account. No monetary recovery is provided to shareholders. A final approval hearing is scheduled for January 13, 2027. Acadia Pharmaceuticals Inc. operates in the biopharmaceutical industry and develops treatments for central nervous disorders.