NEW YORK, May 6, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of ChemoCentryx, Inc. ("ChemoCentryx" or the "Company") (CCXI) - Get Report from November 26, 2019 through May 3, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased ChemoCentryx securities, and/or would like to discuss your legal rights and options please visit ChemoCentryx Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
The complaint alleges that, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose 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 of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.
On May 4, 2021, the United States Food and Drug Administration ("FDA") published a Briefing Document concerning ChemoCentryx's NDA for avacopan. In the document, the FDA wrote 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[.]" In the Briefing Document, 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 plummeted over 45% in one day, down from its May 3, 2021 closing price of $48.82 to a May 4, 2021 close of $26.63 per share, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 6, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased ChemoCentryx securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/chemocentryxinc-ccxi-shareholder-class-action-lawsuit-fraud-stock-396/apply/ or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP