Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against ChemoCentryx, Inc.

RADNOR, Pa., May 6, 2021 / PRNewswire / – Kessler Topaz Meltzer & Check, LLP law firm announces that a class action lawsuit has been filed against ChemoCentryx, Inc. (NASDAQ: CCXI) (“ChemoCentryx”) on behalf of those who have purchased or acquired ChemoCentryx common stock between November 26, 2019 and May 3, 2021including (the “Class Period”).

Deadline Reminder: Investors who have bought or acquired ChemoCentryx common stock during the class period can do so no later than July 6, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to [email protected];; or click on https://www.ktmc.com/chemocentryx-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=chemocentryx

ChemoCentryx is a biopharmaceutical company focused on developing and commercializing new drugs for inflammatory diseases, autoimmune diseases, and cancer. ChemoCentryx’s lead drug candidate is Avacopan, which ChemoCentryx describes as “a potential first-class, orally administered molecule” that uses a novel, highly targeted mode of action in the treatment of ANCA vasculitis and other complementary autoimmune and inflammatory diseases. “”

The lesson begins on November 26, 2019. After the market closed November 25, 2019ChemoCentryx issued a press release announcing “Positive topline data from the pivotal Phase III ADVOCATE trial demonstrating Avacopan’s superiority over the standard of care for ANCA-associated vasculitis”. Throughout the class, the defendants praised the results of the ADVOCATE Phase III trial and the safety profile of avacopan for the treatment of ANCA-associated vasculitis (“AAV”).

However, the truth was revealed on May 3, 2021 When the US Food and Drug Administration (“FDA”) issued a briefing on ChemoCentryx’s New Drug Application (“NDA”) # 214487 for Avacopan. In this briefing document, the FDA wrote: “[c]The study design complexities described in the brief raise questions about the interpretability of the data in order to define a clinically meaningful benefit of avacopan and its role in the treatment of AAV.[a]Although the primary efficacy comparisons were statistically significant, the review team identified several problem areas that raise uncertainties about the interpretability of these data and the clinical power of these results. “The FDA also raised serious safety concerns about Avacopan in the treatment of ANCA-associated vasculitis. Following the news, the price of ChemoCentryx common stock fell more than 45% in one day. May 3, 2021 Closing price from $ 48.82 per share to a May 4, 2021 near $ 26.63 per share.

The complaint alleges that throughout the class period, Defendants misrepresented and / or failed to disclose to investors that: (1) the study design of the Phase III ADVOCATE study posed problems with the interpretability of the study data to a clinically to define significant benefits of avacopan and its role in the treatment of ANCA-associated vasculitis; (2) The data from the Phase III ADVOCATE study raise serious safety concerns for Avacopan. (3) These issues raised serious concerns about the viability of the ChemoCentryx NDA for Avacopan for the treatment of ANCA-associated vasculitis. and (4) as a result of the foregoing, Defendants’ public statements at all relevant times have been materially false and misleading.

ChemoCentryx investors can at the latest July 6, 2021, attempt to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.

Kessler Topaz Meltzer & Check, LLP, pursues class action lawsuits in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and individual investors The United States and all over the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]

SOURCE Kessler Topaz Meltzer & Check, LLP

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