NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Tricida, Inc. ("Tricida" or "the Company") (NASDAQ: TCDA) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Tricida securities between September 4, 2019 and October 28, 2020, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/tcda.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the class period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Tricida's NDA for veverimer was materially deficient; (2) accordingly, it was foreseeably likely that the FDA would not accept the NDA for veverimer; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
On July 15, 2020, Tricida issued a press release announcing “that on July 14, 2020, the Company received a notification from the U.S. Food and Drug Administration (FDA) stating that, as part of its ongoing review of the Company’s New Drug Application (NDA)” for Tricida’s drug candidate, veverimer (TRC101), “the FDA has identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time.” Tricida stated that “[t]he notification does not specify the deficiencies identified by the FDA.” On this news, Tricida’s stock price fell sharply $10.56 per share, or 40.31%, to close at $15.64 per share on July 16, 2020. Then, on October 29, 2020, Tricida announced an update on its End-of-Review Type A meeting with the FDA regarding the veverimer NDA, advising investors that the Company “now believes the FDA will also require evidence of veverimer’s effect on CKD progression from a near-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and that the FDA is unlikely to rely solely on serum bicarbonate data for determination of efficacy.” Concurrently, Tricida disclosed that it “is significantly reducing its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility.” On this news, Tricida’s stock price fell $3.90 per share, or 47.16%, to close at $4.37 per share on October 29, 2020.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/tcda or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Tricida you have until March 8, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.