Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Tricida, Inc. (TCDA)
BENSALEM, Pa .– (BUSINESS WIRE) – Howard G. Smith’s law firms are reminding investors of the upcoming March 8, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors representing Tricida, Inc. (“Tricida” or the “Company”). (NASDAQ: TCDA) securities between September 4, 2019 and October 28, 2020 inclusive (the “Class Period”).
Investors suffering losses on their Tricida investments are requested to contact the Howard G. Smith law firms to exercise their statutory rights in this class action at 888-638-4847 or email email@example.com to discuss.
Tricida’s drug candidate Veverimer is a polymer being developed as a potential treatment for metabolic acidosis in patients with chronic kidney disease (“CKD”). The company has completed a phase 3 double-blind, placebo-controlled study of Veverimer in patients with CKD and metabolic acidosis.
On September 4, 2019, Tricida announced that it had filed a new Accelerated Approval Program for Veverimer for the treatment of metabolic acidosis in patients with the US Food and Drug Administration (FDA) with CKD.
On July 15, 2020, Tricida announced that it had received a notice from the FDA[ying] Deficiencies that preclude discussion of the labeling and post marketing requirements / obligations at this point. “The company stated:”[t]The notification does not indicate the defects identified by the FDA. ”
In that news, the company’s share price fell $ 10.56, or 40.31%, to close at $ 15.64 per share on July 16, 2020, hurting investors.
Then, on October 29, 2020, after meeting the FDA at the end of the Type A review, Tricida announced that it “now believes the FDA also has evidence of the effect of veverimer on CKD progression from a short-term interim analysis VALOR-CKD for approval under the Accelerated Approval Program and the FDA is unlikely to rely solely on serum bicarbonate data to determine efficacy. “Tricida also announced that it will” significantly reduce its workforce from 152 to 59 people and discuss its commitments with vendors and contract service providers to potentially allow additional financial flexibility. ”
In that news, the company’s share price fell $ 3.90, or 47.16%, to close at $ 4.37 per share on October 29, 2020, hurting investors.
The complaint filed alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. In particular, Defendants have failed to advise investors that: (1) Tricida’s NDA for Veverimer was materially deficient; (2) Accordingly, it was predictably likely that the FDA would not accept the NDA for veverimer. and (3) as a result, Defendants’ statements about their business, operations and prospects were materially false and misleading and / or had no reasonable basis at all relevant times.
If you bought or otherwise acquired Tricida securities during the class period, you can ask the court no later than March 8, 2021 to request the court to appoint you as the lead plaintiff if you meet certain legal requirements. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, of the law firms of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by calling (215) 638-4847, toll free at (888) 638-4847, or emailing firstname.lastname@example.org, or visit our website at www.howardsmithlaw .com.
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