13D Filing: Scopia Capital and Acorda Therapeutics Inc (ACOR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13D

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No.     )*

Acorda
Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title and Class of Securities)

00484M106

(CUSIP Number)

Samantha Nasello

Scopia Capital Management LP

152 West 57th St., 33rd Floor

New York, NY 10019

(212)
370-0303

(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)

August 4, 2017

(Date of Event Which Requires Filing of Statement)

If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule
13d-1(f) or Rule 13d-1(g), check the following box.  ☒

Note. Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes)

Schedule 13D

Schedule 13D

Schedule 13D

Schedule 13D

Schedule 13D

The class of equity security to which this statement on Schedule 13D relates is the
Common Stock, par value $0.001 per share (the Common Stock) of Acorda Therapeutics, Inc. (the Issuer), a Delaware corporation. The address of the principal executive offices of the Issuer is 420 Saw Mill River Road, Ardsley,
NY 10502.

Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

(a) The persons filing this Schedule 13D (collectively, the Reporting
Persons) are:

(b) The business address or address of its principal office, as applicable, of the Reporting
Persons is:

152 West 57th St., 33rd Floor

New York, NY
10019

(c) Each of the Reporting Persons is engaged in the business of investing. Scopia Capitals principal business is serving as investment
manager to certain private investment funds and a certain managed account (collectively, the Investment Vehicles). Scopia Managements principal business is serving as the general partner of Scopia Capital. The principal business of
each of Messrs. Sirovich and Mindich is serving as a Managing Director of Scopia Management.

(d) and (e) During the past five years, none of the
Reporting Persons nor any of the Investment Vehicles has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.

(f) The citizenship with respect to a natural person or state of organization with respect to an entity, as
applicable, of the Reporting Persons is as follows:

The aggregate purchase price of the shares of Common
Stock directly held by the Investment Vehicles reported herein was $178,109,588. The shares of Common Stock directly held by the Investment Vehicles were purchased with the working capital of the Investment Vehicles (which may, at any given time,
include margin loans made by brokerage firms in the ordinary course of business). All shares of Common Stock reported herein were purchased in open market transactions through a broker.

The shares of Common Stock directly held by the Investment Vehicles and
beneficially owned by the Reporting Persons reported herein were acquired for investment purposes in the belief that the shares of Common Stock are undervalued and represent an attractive investment opportunity.

On August 7, 2017, Scopia Capital submitted a letter (the Letter) to the Issuers Board of Directors (the Board) stating that
while Scopia Capital has admired the business the Issuer has built, Scopia Capital believes that it is time for the Issuers management and Board to pursue an immediate review of all strategic alternatives, including sale of the Issuer.
Although Scopia Capital states in the Letter that it believes that the Issuer has the capital to remain a standalone company at this time, Scopia Capital states that continuing to pursue an independent strategy presents significant risk for
shareholders. Scopia Capital in the Letter urges the Board to engage actively with any parties expressing an interest in discussions regarding a potential transaction and to form a special committee to oversee the review of strategic alternatives.

The foregoing description of the Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter,
which is filed as Exhibit 99.2 and is incorporated herein by reference.

The Reporting Persons have had discussions with members of the Issuers
management and members of the Issuers Board in connection with the Reporting Persons investment in the Issuer and may from time to time have further discussions with directors and officers of the Issuer, or discussions with other
shareholders or third parties regarding the Issuers business operations, strategies, capital structure and other matters related to the Issuer. These discussions may review options for maximizing shareholder value such as evaluating the
potential sale of the Issuer, enhancing the Issuers corporate governance, improving capital or asset allocation or various strategic alternatives or operational or management initiatives, including one or more items in subsections
(a) through (j) of Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time and at any time in the future depending
on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuers financial position and strategic direction, actions taken by the Board, price levels of the Issuers securities, other
investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, take such actions with respect to the investment in the Issuer as they deem appropriate. These actions may
include: (i) acquiring additional shares of Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of securities of the Issuer (collectively,
Securities) in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) engaging in any hedging or similar transactions with respect to the Securities; or
(iv) proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

Except as set forth herein, the Reporting Persons do not have present plans or proposals at this time that relate to or would result in any of the
transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

(a) and (b) Items 7 through 11 and 13 of each of the cover
pages of this Schedule 13D are incorporated herein by reference. Such information is based on 46,659,426 shares of Common Stock outstanding as of April 30, 2017, as reported in the Issuers Form 10-Q
filed with the Securities and Exchange Commission on May 9, 2017.

The Investment Vehicles have delegated to Scopia Capital sole voting and
investment power over the securities held by the Investment Vehicles pursuant to their respective Investment Management Agreements with Scopia Capital. As a result, each of Scopia Capital, Scopia Management, as the general partner of Scopia Capital,
and Messrs. Sirovich and Mindich, as Managing Directors of Scopia Management, may be deemed to exercise voting and investment power over the shares of Common Stock directly held by the Investment Vehicles. The Investment Vehicles specifically
disclaim beneficial ownership of the securities of the Issuer directly held by them by virtue of their inability to vote or dispose of such securities as a result of their respective Investment Management Agreements with Scopia Capital.

(c) Transactions by the Reporting Persons (on behalf of the Investment Vehicles) effected during the past 60 days
are set forth in Schedule A below and such information is incorporated herein by reference.

(d) The disclosure regarding the relationship between
the Reporting Persons in Item 2(c) of this Schedule 13D is incorporated by reference herein. All securities reported in this Schedule 13D are directly held by the Investment Vehicles, all of which are investment management clients of Scopia
Capital. None of the Investment Vehicles individually directly holds more than 5% of the Issuers outstanding shares of Common Stock. The limited partners of (or investors in) each of the Investment Vehicles have the right to participate in the
receipt of dividends from, or proceeds from the sale of, the shares of Common Stock held for the accounts of their respective Investment Vehicles in accordance with their respective limited partnership interests (or investment percentages) in their
respective Investment Vehicles.

(e) Not applicable.

None.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is
true, complete and correct.

Dated as of August 7, 2017

SCHEDULE A

TRANSACTIONS

The following table sets
forth all transactions by the Reporting Persons (on behalf of the Investment Vehicles) with respect to shares of Common Stock effected in the last 60 days, inclusive of any transactions effected through 4:00 p.m., New York City time, on
August 4, 2017. Except as otherwise noted below, all such transactions were purchases of Common Stock effected in the open market, and the table excludes commissions paid in per share prices.