LAVAL, Quebec, Sept. 30, 2022 (GLOBE NEWSWIRE) — Acasti Pharma Inc. (“Acasti” or the “Company”) (Nasdaq: ACST and TSX-V: ACST), a late-stage specialty pharmaceutical company that is advancing is making three clinical-stage drug candidates focused on rare and rare diseases, announced today that a US court has dismissed the remaining shareholder lawsuits filed in connection with the company’s acquisition of Grace Therapeutics, Inc. (“Gracefulness“) by merger in August 2021 (the “merger“). As previously announced, four shareholder lawsuits have been filed against Acasti and certain of its directors and officers in connection with the Merger, alleging that the company’s public disclosures related to the Merger misstate or omit material information and violate Section 14 (a) the US Securities Exchange Act of 1934. Two of the four cases were dropped voluntarily. The remaining two cases were consolidated before Judge Katherine Polk Failla of the US District Court for the Southern District of New York. Acasti and each defendant filed a motion to dismiss on February 25, 2022. In a 45-page opinion released today, Judge Failla granted the motion to dismiss in its entirety, noting that the consolidated complaint did not allege facts that show Acasti made a materially misleading statement or material omission in its merger-related disclosures. Accordingly, subject to any legal remedies that may be sought in response to today’s ruling, all four shareholder claims filed in connection with the merger have now been dismissed.

About Acasti

Acasti is a late-stage specialty pharmaceutical company developing three clinical-stage drug candidates for rare and orphan diseases. Acasti’s novel drug delivery technologies have the potential to improve the performance of drugs currently on the market by providing faster onset of action, improved efficacy, fewer side effects and more convenient drug delivery – all of which could help…