Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against ChemoCentryx, Inc. (CCXI)

LOS ANGELES, June 11, 2021 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming July 6, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired ChemoCentryx, Inc. ("ChemoCentryx" or the "Company") (NASDAQ: CCXI) common stock between November 26, 2019 and May 6, 2021, inclusive (the "Class Period").

If you suffered a loss on your ChemoCentryx investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/chemocentryx-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

ChemoCentryx is a biopharmaceutical company. Its lead drug candidate is avacopan, which is developed as a potential treatment for ANCA-associated vasculitis ("AAV"). 

On July 9, 2020, ChemoCentryx announced that it had filed its New Drug Application ("NDA") for avacopan to the U.S. Food and Drug Administration ("FDA") for the treatment of AAV.

On May 4, 2021, the FDA released a Briefing Document concerning the Company's NDA for avacopan, stating 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 AAV."  The FDA also noted that "several areas of concern [that] rais[ed] uncertainties about the interpretability of these data and the clinical meaningfulness of these results." The FDA also raised serious safety concerns with avacopan for the treatment of AAV.

On this news, the Company's stock price fell $22.19 per share, or 45.45%, to close at $26.63 per share on May 4, 2021, thereby injuring investors. 

Then, on May 6, 2021, after the market closed, ChemoCentryx announced that the FDA Advisory Committee was evenly divided as to whether the efficacy data supported approval of avacopan. Multiple analysts commented on the news. For example, J.P. Morgan noted that "while the vote was more 50/50-ish, we note that commentary by the panel was skewed to more of a negative tone."

On this news, the Company's stock price fell $17.03 per share, or 62%, to close at $10.46 per share on May 7, 2021, thereby injuring investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the study design of the Phase III ADVOCATE trial presented issues about the interpretability of the trial data to define a clinically meaningful benefit of avacopan and its role in the management of ANCA-associated vasculitis; (2) the data from the Phase III ADVOCATE trial raised serious safety concerns for avacopan; (3) these issues presented a substantial concern regarding the viability of ChemoCentryx's NDA for avacopan for the treatment of ANCA-associated vasculitis; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired ChemoCentryx common stock during the Class Period, you may move the Court no later than July 6, 2021to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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SOURCE Glancy Prongay & Murray LLP