SHAREHOLDER ALERT: The Law Offices of Timothy L. Miles Announces That ChemoCentryx, Inc. (CCXI) is Being Sued for Misleading Shareholders
ChemoCentryx, Inc. (NASDAQ:CCXI)
HENDERSONVILLE, TN, UNITED STATES, May 11, 2021 /EINPresswire.com/ — The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, announces that a purchaser of ChemoCentryx, Inc. (NASDAQ: CCXI) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between November 26, 2019 and May 3, 2021. The ChemoCentryx class action lawsuit was commenced on May 5, 2021 in the Northern District of California and is captioned Homyk v. ChemoCentryx, Inc., No. 21-cv-03343. ChemoCentryx is biopharmaceutical company that develops and commercializes new medications targeting inflammatory disorders, autoimmune diseases, and cancer. ChemoCentryx's lead drug candidate is avacopan, which the Company describes as a "potential first-in-class, orally-administered molecule for the treatment of patients with ANCA vasculitis."
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ChemoCentryx, Inc. (CCXI) Misled Investors Regarding the Company's Concerns for User Safety
According to the complaint, after the market closed on November 25, 2019, ChemoCentryx announced "Positive Topline Data from Pivotal Phase III ADVOCATE Trial Demonstrating Avacopan's Superiority Over Standard of Care in ANCA-Associated Vasculitis." The announcement stated that the ADVOCATE Phase III Trial "met both of its primary endpoints," and that "[t]he topline safety results revealed an acceptable safety profile in this serious and life-threatening disease." Further, the Company's President, CEO, and Chairman of the Board of Directors, stated that these results exceeded the Company's expectations and "demonstrated that a highly targeted therapy aimed at the very center of the ANCA disease process is superior to the tradition approach…" On this news, ChemoCentryx shares soared from their November 25, 2019 close of $8.06 per share to a November 26, 2019 opening price of $34.82.
During the class period, defendants repeatedly touted the results of the ADVOCATE Phase III trial and the efficacy of avacopan for the treatment of ANCA-associated vasculitis. In July 2020, ChemoCentryx announced that it had file its New Drug Application ("NDA") for avacopan and in September 2020, it announced that the U.S. Food and Drug Administration ("FDA") had accepted the NDA for review.
Then, on May 4, 2021, the FDA published a Briefing Document concerning avacopan's NDA, which noted "questions about the interpretability of the data to define a clinically meaningful benefit of avacopan and its role in the management of AAV." The Briefing Document further stated, "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, shares of ChemoCentryx plummeted over 45% to close at $26.63 per share on May 4, 2021.
If you purchased shares of ChemoCentryx, Inc. (CCXI) between November 26, 2019 and May 3, 2021, you have until July 6, 2021, to ask the court to appoint you lead plaintiff for the class.
ChemoCentryx Investors Urged to Contact the Firm
If you purchased shares of ChemoCentryx, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Last year, Mr Miles was recognized as a 2020 Top Ranked Lawyer; 2020 Top Rated Litigator; and a 2020 Elite Lawyer of The South by Martindale-Hubbell® and ALM. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2021); Top Rated Lawyer by Martindale-Hubbell® and ALM (2019-2021); Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019-2020); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits to Investors (Timothy L. Miles, Dec. 3, 2019).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
141 Saundersville Road, #2202
Hendersonville, TN 37075
Leading the Fight to Protect Shareholder Rights for Over 19 Years
Nationally Recognized Shareholder Rights Attorney Timothy L. Miles Has Achieved the Recognition of American’s Most Honored Lawyers 2020 – Top 1%
Source: EIN Presswire