NEW ORLEANS, May 7, 2021 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Tricida, Inc. (NasdaqGS: TCDA).
On July 15, 2020, the Company disclosed that it received a notification from the U.S. Food and Drug Administration (FDA) regarding its ongoing review of the Company's New Drug Application (NDA) for its drug candidate, veverimer (TRC101) wherein "the FDA has identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time." Then, on October 29, 2020, the Company announced an update on its End-of-Review Type A meeting with the FDA regarding the veverimer NDA, and "now believes the FDA will also require evidence of veverimer's effect on CKD progression from a near-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and that the FDA is unlikely to rely solely on serum bicarbonate data for determination of efficacy."
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which remains ongoing.
KSF's investigation is focusing on whether Tricida's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Tricida shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-tcda/ to learn more.
About Kahn Swick & Foti, LLC KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.