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 ChemoCentryx, Inc. (“ChemoCentryx” or the “Company”) (NASDAQ: CCXI) and certain of its officers, alleging violations of federal securities laws. If you purchased ChemoCentryx securities between November 26, 2019 and May 3, 2021 (the “Class Period”), and have suffered a loss, you are encouraged to contact Joseph Pettigrew for additional information at (844) 818-6982 or email@example.com.
ChemoCentryx is a biopharmaceutical company. ChemoCentryx’s lead drug candidate is avacopan, which the Company describes as “a first-in-class, orally-administered small molecule that employs a novel, highly targeted mode of action in the treatment of ANCA-associated vasculitis and other complement-driven autoimmune and inflammatory diseases.” 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 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 trial for avacopan (ADVOCATE) presented issues about the interpretability of the trial data to define a clinically meaningful benefit and its role in the management of ANCA-associated vasculitis; (ii) the data from the ADVOCATE trial raised serious safety concerns for avacopan; (iii) these issues presented a substantial concern regarding the viability of the avacopan NDA; and (iv) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times.
Despite the Company’s repeated assurances throughout the Class Period that avacopan was meeting efficacy and safety targets throughout trial, on May 4, 2021, the FDA published a Briefing Document concerning the NDA for avacopan. In addition to raising safety concerns, the FDA stated 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 vasculitis],” and 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.”
On this news, the price of ChemoCentryx stock fell $22.19, or 45.5%, to close at $26.63 per share on May 4, 2021, down from its previous close of $48.82 per share.
What You Can Do
If you purchased ChemoCentryx securities between November 26, 2019 and May 3, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joseph Pettigrew at (844) 818-6982 or firstname.lastname@example.org. The lead plaintiff deadline is July 6, 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.
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