Chemo Centryx, Inc.

Case Details

Class Period: November 26, 2019 - May 4, 2021
Date Filed: May 05, 2021
Case Number: 4:21cv03343
Jurisdiction: California Northern District Court
icon-casetype Case Type: Securities Case
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Case Summary

On May 4, 2021, the U.S. Food and Drug Administration released a Briefing Document concerning ChemoCentryxs 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, shares of ChemoCentryx stock fell approximately 45% in one day, after plummeting by over 60% during intraday trading on May 4, 2021. The lawsuit was filed in the U.S. District Court for the Northern District of California. The case is captioned Homyk v. ChemoCentryx, Inc., et al., No. 3:21-cv-03343 (N.D. Cal.), and has not yet been assigned to a specific judge or courthouse. The class period is between November 26, 2019 and May 3, 2021, inclusive. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.