BENSALEM, Pa., June 25, 2021 /PRNewswire/ -- Law Offices of Howard G. Smith reminds investors of the upcoming July 6, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased ChemoCentryx, Inc. ("ChemoCentryx" or the "Company") (NASDAQ: CCXI) common stock between November 26, 2019 and May 6, 2021, inclusive (the "Class Period").
Investors suffering losses on their ChemoCentryx investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
ChemoCentryx is a biopharmaceutical company. Its lead drug candidate is avacopan, which is developed as a potential treatment for ANCA-associated vasculitis ("AAV").
On July 9, 2020, ChemoCentryx announced that it had filed its New Drug Application ("NDA") for avacopan to the U.S. Food and Drug Administration ("FDA") for the treatment of AAV.
On May 4, 2021, the FDA released a "Briefing Document" concerning the Company's NDA for avacopan, stating that "[c]omplexities of the study design, as detailed in the briefing document, raise questions about the interpretability of the data to define a clinically meaningful benefit of avacopan and its role in the management of AAV." The FDA also noted that "several areas of concern [that] rais[ed] uncertainties about the interpretability of these data and the clinical meaningfulness of these results." The FDA also raised serious safety concerns with avacopan for the treatment of AAV.
On this news, the Company's stock price fell $22.19 per share, or 45.45%, to close at $26.63 per share on May 4, 2021, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the study design of the Phase III ADVOCATE trial presented issues about the interpretability of the trial data to define a clinically meaningful benefit of avacopan and its role in the management of ANCA-associated vasculitis; (2) the data from the Phase III ADVOCATE trial raised serious safety concerns for avacopan; (3) these issues presented a substantial concern regarding the viability of ChemoCentryx's NDA for avacopan for the treatment of ANCA-associated vasculitis; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired ChemoCentryx common stock during the Class Period, you may move the Court no later than July 6, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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SOURCE Law Offices of Howard G. Smith