CCXI DEADLINE

Kessler Topaz Meltzer & Check, LLP Reminds Investors of ChemoCentryx, Inc. of Deadline in Securities Fraud Class Action Lawsuit - Seite 2

Then, on May 6, 2021, ChemoCentryx announced that an Advisory Committee of independent experts that the FDA convened to offer their opinions on the ADVOCATE trial was evenly divided as to whether the efficacy data from ADVOCATE supported approval of avacopan. Many members of the Advisory Committee expressed concerns about the robustness of the trial and the insufficient amount of safety data. Some members of the Advisory Committee called on ChemoCentryx to run another Phase III trial. Following this news, ChemoCentryx’s common stock price per share dropped from $27.49 per share at the close of trading on May 6, 2021 to $10.46 per share at the close of trading on May 7, 2021.

The complaint alleges that throughout the Class Period, the defendants misrepresented and/or failed to disclose to investors that: (1) ChemoCentryx’s design for the ADVOCATE Phase III trial was fundamentally flawed, which raised questions about the interpretability of the trial data and the ability to define a clinically meaningful benefit of avacopan and its role in the treatment of ANCA-associated vasculitis; (2) the results from the ADVOCATE trial raised serious safety concerns for avacopan; and (3) these issues raised significant doubt about the viability of ChemoCentryx’s NDA for avacopan for the treatment of ANCA-associated vasculitis. As a result, the defendants’ statements about the ADVOCATE trial design, and efficacy and safety results were materially false and misleading at all relevant times.

ChemoCentryx investors may, no later than July 6, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.