Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Tricida, Inc. (TCDA)
NEW YORK, Jan. 7, 2021 (GLOBE NEWSWIRE) – Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Tricida, Inc. (“Tricida” or the “Company”) (NASDAQ: TCDA) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the Tricida securities between September 4, 2019 and October 28, 2020 inclusive (the “Class Period”). The lawsuit aims to seek compensation for Tricida investors under federal securities laws.
The complaint alleges that defendants made false and / or misleading statements and failed to advise investors that: (i) the Company’s NDA for Veverimer was materially deficient; (ii) accordingly, it was predictably likely that the FDA would not accept the NDA for veverimer; and (iii) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
On July 15, 2020, the company issued a press release announcing that on July 14, 2020, the company received a notification from the FDA stating that the FDA was in the process of ongoing review of the company’s NDA for Veverimer, “The FDA has identified deficiencies that preclude discussion of the labeling and post-marketing requirements / obligations at this time. “The company stated:”[t]The notification does not indicate the defects identified by the FDA. In the news, the company’s share price fell $ 10.56 per share, or 40.31%, to close at $ 15.64 per share on July 16, 2020.
Then, on October 29, 2020, the company announced an update to its Type A end-of-review meeting with the FDA regarding the Veverimer NDA, informing investors that the company “now believes the FDA will do the same Evidence of the effects of Veverimer on CKD will require the progress of a short-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and the fact that the FDA is unlikely to rely solely on serum bicarbonate data to determine efficacy. “At the same time, the company announced that it will” significantly reduce its workforce from 152 to 59 employees and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility. ” In that news, the company’s share price fell $ 3.90 per share, or 47.16%, to close at $ 4.37 per share on October 29, 2020.
Investors who have purchased or otherwise acquired Tricida stock during the class period should contact the company before March 8, 2021 Deadline for the main plaintiff’s motion. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. If you would like to discuss your rights or interests in relation to this class action lawsuit, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. from Gainey McKenna & Egleston at (212) 983-1300 or by email at email@example.com or Gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the company.