NEW YORK, May 5, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of ChemoCentryx, Inc. («ChemoCentryx» or the «Company») (NASDAQ: CCXI). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether ChemoCentryx and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 4, 2021, the U.S. Food and Drug Administration («FDA») released a «Briefing Document» concerning ChemoCentryx’s drug candidate avacopan, which is in development for the treatment of adult patients with anti-neutrophil cytoplasmic autoantibody (ANCA) vasculitis. To support its New Drug Application for avacopan, ChemoCentryx relied primarily upon its Phase III ADVOCATE study. In the Briefing Document, the FDA wrote that «[c]omplexities of the study design . . . raise questions about the interpretability of the data to define a clinically meaningful benefit of avacopan and its role in the management of» ANCA vasculitis. The FDA further wrote that it had «identified several areas of concern, raising uncertainty about the interpretability of the data and the clinical meaningfulness of these results.»
On this news, ChemoCentryx’s stock price fell $22.19 per share, or 45.45%, to close at $26.63 per share on May 4, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP