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Article: Despite verdict, Acadia stock doesn't take hit.(Acadia Pharmaceuticals Inc.)
- Article from:
- San Diego Business Journal
- Article date:
- September 5, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Acadia Pharmaceuticals, Inc.'s stock has been untainted despite a recent verdict that found the San Diego biotech, including one of its top executives, guilty of sexually harassing a former employee.
However, the company is concerned about the economic impact of the ensuing legal battle, apparent in a Securities and Exchange Commission report filed the day of the verdict. The Aug. 24 decision requires the company to pay $6.1 million to former Acadia scientist Audra Scully, 36. The company's insurance policy, which the firm has said it may use to pay part of its legal costs, is $3 million.
In the first day of trading last week--the first week following the ...