LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired ChemoCentryx, Inc. (“ChemoCentryx” or the “Company”) (NASDAQ: CCXI) common stock between November 26, 2019 and May 3, 2021, inclusive (the “Class Period”). ChemoCentryx investors have until July 6, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
ChemoCentryx is a biopharmaceutical company. Its lead drug candidate is avacopan, which is developed as a potential treatment for ANCA-associated vasculitis (“AAV”).
On July 9, 2020, ChemoCentryx announced that it had filed its New Drug Application (“NDA”) for avacopan to the U.S. Food and Drug Administration (“FDA”) for the treatment of AAV.
On May 4, 2021, the FDA released a “Briefing Document” concerning the Company’s NDA for avacopan, stating that “[c]omplexities of the study design, as detailed in the briefing document, raise questions about the interpretability of the data to define a clinically meaningful benefit of avacopan and its role in the management of AAV.” The FDA also noted that “several areas of concern [that] rais[ed] uncertainties about the interpretability of these data and the clinical meaningfulness of these results.” The FDA also raised serious safety concerns with avacopan for the treatment of AAV.
On this news, the Company’s stock price fell $22.19 per share, or 45.45%, to close at $26.63 per share on May 4, 2021, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the study design of the Phase III ADVOCATE trial presented issues about the interpretability of the trial data to define a clinically meaningful benefit of avacopan and its role in the management of ANCA-associated vasculitis; (2) the data from the Phase III ADVOCATE trial raised serious safety concerns for avacopan; (3) these issues presented a substantial concern regarding the viability of ChemoCentryx’s NDA for avacopan for the treatment of ANCA-associated vasculitis; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased ChemoCentryx common stock during the Class Period, you may move the Court no later than July 6, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased ChemoCentryx securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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