NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of ChemoCentryx, Inc. (“ChemoCentryx”) (NASDAQ: CCXI) breached their fiduciary duties to ChemoCentryx and its shareholders. If you are a ChemoCentryx shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or jpettigrew@scott-scott.com.
Scott+Scott is investigating whether members of the ChemoCentryx Board of Directors (the “Board”) made, or caused ChemoCentryx to make false and/or misleading statements, as well as failed to disclose material adverse facts about ChemoCentryx’s business, operations, prospects, and financial health. Specifically, Scott+Scott is investigating whether the Board failed to disclose material information, including whether: (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, statements about ChemoCentryx’s business, operations, and prospects lacked a reasonable basis.
On May 4, 2021, the Food and Drug Administration (“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, on unusually heavy volume.
What You Can Do
If you are a ChemoCentryx shareholder, you may have legal claims against ChemoCentryx’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or jpettigrew@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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