Acura Settles Shareholder Claims Over Acurox For $1.5M

Law360, New York (January 24, 2012, 3:54 PM EST) -- Acura Pharmaceuticals Inc. on Monday agreed to pay $1.5 million to resolve a putative shareholder class action in Illinois federal court claiming the drugmaker misrepresented the chances that its flagship painkiller Acurox would gain regulatory approval in order to inflate its stock price.

Under the terms of the settlement that the court preliminarily approved on Nov. 8 and lead plaintiff Acura Shareholder Investors Group requested final approval for on Monday, the $1.5 million cash settlement will be distributed among shareholders who purchased or acquired Acura stock...
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