Kessler Topaz Meltzer & Check, LLP Reminds ChemoCentryx, Inc. Shareholders of Securities Fraud Class Action Lawsuit

RADNOR, Pa., July 4, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP is reminding investors of ChemoCentryx, Inc. (NASDAQ: CCXI) (“ChemoCentryx”) that a class action lawsuit for securities fraud has been filed in the United States District Court for the Northern District of California filed against ChemoCentryx on behalf of those who have purchased or acquired common stock of ChemoCentryx between November 26, 2019 and May 6, 2021, including (the “Class Period”).

Investor Reminder: Investors who have purchased or acquired common stock of ChemoCentryx during the class period, by 6 July 2021 at the latestto be appointed as the group’s lead plaintiff. For more information or information on 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 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, the ChemoCentryx “potential first-in-class, orally administered molecule that employs a novel, highly targeted mechanism of action in the treatment of ANCA vasculitis and other complement-driven autoimmune and inflammatory diseases. ”

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

The story goes on

On May 4, 2021, the US Food and Drug Administration (“FDA”) released an informational document on ChemoCentryx’s New Drug Application (“NDA”) # 214487 for Avacopan. In this briefing, the FDA asked questions about the interpretability of the data to define a clinically meaningful benefit of avacopan, the effectiveness of avacopan, and serious safety concerns. Following that news, the price of ChemoCentryx common stock fell more than 45% in one day, from its closing price on May 3, 2021 of $ 48.82 per share to a closing price on May 4, 2021 of $ 26.63 per share.

Then, on May 6, 2021, ChemoCentryx announced that an advisory committee of independent experts convened by the FDA to provide their opinions on the ADVOCATE study was evenly divided on whether ADVOCATE’s efficacy data supported the approval of avacopan. Many members of the Advisory Committee expressed concerns about the robustness of the study and the insufficient amount of safety data. Some members of the advisory committee asked ChemoCentryx to conduct another phase III study. Following this news, ChemoCentryx’s common stock price per share fell from $ 27.49 per share at the close of trading on May 6, 2021 to $ 10.46 per share at the close of trading on May 7, 2021.

The lawsuit alleges that during the class action period, defendants misrepresented and / or failed to disclose to investors: (1) The design of ChemoCentryx for the Phase III ADVOCATE study was fundamentally flawed, raising questions about the interpretability of the study data and the ability to define a clinically meaningful utility of avacopan and its role in the treatment of ANCA-associated vasculitis; (2) the results of the ADVOCATE study raise serious safety concerns for Avacopan; and (3) these problems raised significant doubts about the viability of the ChemoCentryx NDA for avacopan for the treatment of ANCA-associated vasculitis. As a result, Defendants’ statements regarding the design of the ADVOCATE study and the efficacy and safety results at all relevant points in time were essentially false and misleading.

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

Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of state and federal laws. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and private investors from the US and around the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices to the government and participate in recovery of 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 Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 König-von-Preußen-Strasse
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]