Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against Tricida, Inc. (TCDA) and March 8 Deadline
NEW YORK--(BUSINESS WIRE)--#TCDA--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Tricida, Inc. (“Tricida” or the “Company”) (NASDAQ: TCDA) and certain of its officers, alleging violations of federal securities laws. If you purchased Tricida stock or other securities between September 4, 2019 and October 28, 2020 (the “Class Period”), and have suffered losses, you are encouraged to contact Joe Pettigrew for additional information at (844) 818-6982 or firstname.lastname@example.org.
Tricida is a pharmaceutical company that focuses on the development and commercialization of its drug candidate, veverimer (TRC101), a non-absorbed, orally-administered polymer designed as a potential treatment for metabolic acidosis in patients with chronic kidney disease.
The lawsuit alleges, among other things, that the defendants made false and/or misleading statements and/or failed to disclose that Tricida’s NDA for veverimer was materially deficient, and, therefore, it was foreseeable that the FDA would not accept the NDA for veverimer.
On July 15, 2020, Tricida issued a press release announcing "that on July 14, 2020, the Company received a notification from the U.S. Food and Drug Administration (FDA) stating that, as part of its ongoing review of the Company's New Drug Application (NDA)" for Tricida's drug candidate, veverimer (TRC101), "the FDA has identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time."
On this news, Tricida's stock price fell sharply $10.56 per share, or 40.31%, to close at $15.64 July 16, 2020.
Then, on October 29, 2020, Tricida announced an update on its End-of-Review Type A meeting with the FDA regarding the veverimer NDA, advising investors that the Company "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." Concurrently, Tricida disclosed that it "is significantly reducing its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility."
On this news, Tricida's stock price fell $3.90 per share, or 47.16%, to close at $4.37 per share on October 29, 2020.
What You Can Do
If you purchased Tricida securities between September 4, 2019 and October 28, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or email@example.com. The lead plaintiff deadline is March 8, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.