Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of ChemoCentryx, Inc. who purchased shares between November 26, 2019 and May 6, 2021.
ChemoCentryx and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 4, 2021, the U.S. Food and Drug Administration issued briefing documents regarding the Company’s drug candidate, avacopan, noting that “[c]omplexities of the study design…raise questions about the interpretability of the data to define a clinically meaningful benefit of avacopan” and that the review had “identified several areas of concern, raising uncertainty about the interpretability of the data and the clinical meaningfulness of these results.”
On this news, shares of ChemoCentryx plummeted approximately 45%, to close at $26.63 per share on May 4, 2021.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 6, 2021 to request that the court appoint them lead plaintiff.