SAN FRANCISCO, May 15, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges ChemoCentryx, Inc. (NASDAQ: CCXI) investors with significant losses to submit your losses now. A securities fraud class action is pending and certain investors may have valuable claims.
ChemoCentryx, Inc. (NASDAQ: CCXI) Securities Fraud Class Action:
The lawsuit focuses on ChemoCentryx’s statements about its new drug application (“NDA”) for its vasculitis drug candidate Avacopan.
Beginning on Nov. 25, 2019, ChemoCentryx touted positive topline data from its Pivotal Phase III ADVOCATE trial demonstrating Avacopan’s superiority over standard of care in ANCA-associated vasculitis and that the trial met both of its primary endpoints. This and subsequent positive announcements sent the price of CCXI soaring.
The complaint alleges ChemoCentryx concealed that: (1) the trial’s study design was flawed; (2) data from the trial raised serious safety concerns; and (3) these issues presented a substantial concern about the viability of ChemoCentryx’s NDA.
On May 4, 2021, the truth emerged when the FDA announced it had identified several areas of concern, including “uncertainties about the interpretability of the data and the clinical meaningfulness of these results.” In addition, the document took issue with the complex trial design and the lack of long-term safety data.
This news drove the price of ChemoCentryx shares crashing over 45% lower on May 4, 2021, wiping out as much as $1.5 billion of the company’s market capitalization.
“We’re focused on investors’ losses and proving ChemoCentryx misled investors about Avacopan’s efficacy and safety,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a ChemoCentryx investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding ChemoCentryx should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CCXI@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895