Glancy Prongay and Murray LLP (âGPMâ), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have purchased or otherwise acquired ChemoCentryx, Inc. (âChemoCentryx “Or the” Company “) (NASDAQ: CCXI) common shares between November 26, 2019 and May 3, 2021, inclusive (the âClass Periodâ). ChemoCentryx investors have until July 6, 2021 to file a request from the principal applicant.
If you have suffered a loss on your ChemoCentryx investments or would like to inquire about the potential pursuit of claims to recover your loss under federal securities laws, you can submit your contact details to the following address: https://www.glancylaw.com/cases/chemocentryx-inc/. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at [email protected] to learn more about your rights.
ChemoCentryx is a biopharmaceutical company. Its main drug candidate is avacopan, which is being developed as a potential treatment for ANCA-associated vasculitis (âAAVâ).
On July 9, 2020, ChemoCentryx announced that it has filed its New Drug Application (âNDAâ) for avacopan with the United States Food and Drug Administration (âFDAâ) for the treatment of AAV.
On May 4, 2021, the FDA released a “backgrounder” regarding the company’s NDA for avacopan, stating that “[c]The complexities of the study design, as detailed in the backgrounder, raise questions about the interpretability of the data to define a clinically significant benefit of avacopan and its role in the management of AAV. [that] raise[ed] uncertainties as to the interpretability of these data and the clinical significance of these results. âThe FDA has also raised serious safety concerns with avacopan for the treatment of AAV.
At 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, hurting investors.
The complaint filed alleges that throughout the period of the action, the defendants made materially false and / or misleading statements, and did not disclose material adverse facts regarding the business, operations and prospects of the company. Specifically, the defendants did not disclose to investors that: (1) the study design of the phase III ADVOCATE trial had issues with the interpretability of the trial data to define a clinically significant benefit avacopan and its role in the management of vasculitis associated with ANCA; (2) data from the phase III ADVOCATE trial raised serious safety concerns for avacopan; (3) these issues were of significant concern regarding the viability of ChemoCentryx NDA for avacopan for the treatment of vasculitis associated with ANCA; and (4) therefore, the defendants’ statements about its business, activities and prospects were materially false and misleading and / or lacked reasonable basis at all material times.
If you have purchased or otherwise acquired common shares of ChemoCentryx during the Class Period, you may move the Court no later than July 6, 2021 ask the court to appoint you as the principal plaintiff. To be a member of the Group, you do not have to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If inquiring by email, please include your mailing address, phone number, and number of shares purchased.
This press release may be considered an advertisement for attorneys in certain jurisdictions under applicable law and ethical guidelines.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210510005135/en/