Notice of Lead Plaintiff Deadline for Shareholders in the ChemoCentryx, Inc. Class Action Lawsuit
SAN DIEGO--(BUSINESS WIRE)--#CCXIstock--Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Northern District of California on behalf of purchasers of ChemoCentryx, Inc. (NASDAQ:CCXI) common stock between November 26, 2019 and May 3, 2021, inclusive (the “Class Period”). The case is captioned Homyk v. ChemoCentryx, Inc., No. 21-cv-03343, and is assigned to Judge Jon S. Tigar. The ChemoCentryx class action lawsuit charges ChemoCentryx and certain of its executives with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased ChemoCentryx common stock during the Class Period to seek appointment as lead plaintiff in the ChemoCentryx class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the ChemoCentryx class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the ChemoCentryx class action lawsuit. An investor’s ability to share in any potential future recovery of the ChemoCentryx class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the ChemoCentryx class action lawsuit or have questions concerning your rights regarding the ChemoCentryx class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the ChemoCentryx class action lawsuit must be filed with the court no later than July 6, 2021.
ChemoCentryx is a biopharmaceutical company focused on the development and commercialization of new medications targeting inflammatory disorders, autoimmune diseases, and cancer. ChemoCentryx’s lead drug candidate is avacopan, which ChemoCentryx describes as “a potential first-in-class, orally-administered molecule that employs a novel, highly targeted mode of action in the treatment of ANCA vasculitis.” After the market closed on November 25, 2019, ChemoCentryx announced “Positive Topline Data from Pivotal Phase III ADVOCATE Trial Demonstrating Avacopan’s Superiority Over Standard of Care in ANCA-Associated Vasculitis.” In this announcement, ChemoCentryx stated that the ADVOCATE Phase III Trial “met both of its primary endpoints,” and that “[t]he topline safety results revealed an acceptable safety profile in this serious and life-threatening disease.” Over the next several months, defendants continued to repeatedly laud the results of the ADVOCATE Phase III trial, as well as the safety profile of avacopan for the treatment of ANCA-associated vasculitis. On July 9, 2020, ChemoCentryx announced that it had filed its New Drug Application (“NDA”) for avacopan, and on September 17, 2020, the Company announced that the U.S. Food & Drug Administration (“FDA”) had accepted the NDA for review.
The ChemoCentryx class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) 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; (ii) the data from the Phase III ADVOCATE trial raised serious safety concerns for avacopan; (iii) these issues presented a substantial concern regarding the viability of ChemoCentryx’s NDA for avacopan for the treatment of ANCA-associated vasculitis; and (iv) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times.
On May 4, 2021, the FDA published a Briefing Document concerning ChemoCentryx’s NDA for avacopan. In this Briefing Document, the FDA wrote 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 [ANCA-associated vasculitides].” The FDA Briefing Document continued that “[a]lthough primary efficacy comparisons were statistically significant, the review team has identified several areas of concern, raising 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 ANCA-associated vasculitis. On this news, the price of ChemoCentryx common stock fell approximately 45%, damaging investors.
With 200 lawyers in 9 offices, Robbins Geller Rudman & Dowd LLP has obtained many of the largest shareholder recoveries in history, including the $1.210 billion settlement approved earlier this year in In re Valeant Pharm. Int’l, Inc. Sec. Litig., No. 3:15-cv-07658-MAS-LHG (D.N.J.), the largest ever securities class action recovery against a pharmaceutical company. ISS Securities Class Action Services reports that Robbins Geller has overseen the distribution of settlement proceeds of nearly $14 billion in over 250 federal securities class action cases since 2010 – more than any other law firm in the U.S. The SCAS 2020 Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other plaintiffs’ firm. Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts and clients as leading lawyers in their areas of practice. Past performance is no guarantee of future results. Please visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLP
Michael Albert, 800-449-4900