NEW YORK–(BUSINESS WIRE) – Scott + Scott Attorneys at Law LLP (“Scott + Scott”), an international shareholder and consumer litigation firm, has announced the filing of a class action lawsuit against Tricida, Inc. (“Tricida” or the “Company”). (NASDAQ: TCDA) and some of its officers alleging violations of federal securities laws. If you purchased Tricida stock or other securities between September 4, 2019 and October 28, 2020 (the “Class Period”) and suffered losses, please contact Joe Pettigrew for more information at (844) 818- 6982 or jpettigrew @ scott-scott.com.
Tricida is a pharmaceutical company focused on the development and commercialization of its drug candidate Veverimer (TRC101), an unabsorbed, orally administered polymer being developed as a potential treatment for metabolic acidosis in patients with chronic kidney disease.
The lawsuit alleges, among other things, that the defendants made false and / or misleading statements and / or failed to disclose that Tricida’s NDA for veverimer was materially defective, and therefore it was foreseeable that the FDA would not accept the NDA for veverimer.
On July 15, 2020, Tricida issued a press release announcing that the company received a notification from the U.S. Food and Drug Administration (FDA) on July 14, 2020 as part of its ongoing review of Company’s New Drug Application Notes (NDA) “For Tricida’s Drug Candidate Veverimer (TRC101)”, the FDA has identified deficiencies that preclude discussion of the labeling and post-marketing requirements / obligations at this time. ”
In that news, Tricida stock price fell sharply by $ 10.56 per share, or 40.31%, to close at $ 15.64 on July 16, 2020.
Then, on October 29, 2020, Tricida announced an update to its Type A end-of-review meeting with the FDA regarding the Veverimer NDA, informing investors that the company “now believes the FDA also has evidence for Veverimer’s impact on CKD progression will be determined from a short-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and the fact that the FDA is unlikely to rely solely on serum bicarbonate data to determine efficacy At the same time, Tricida announced that it will “significantly reduce its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to allow for additional financial flexibility”.
In that news, Tricida stock price fell $ 3.90 per share, or 47.16%, to close at $ 4.37 per share on October 29, 2020.
What you can do
If you purchased Tricida securities between September 4, 2019 and October 28, 2020 or have any questions about this notice or your statutory rights, please contact Attorney Joe Pettigrew at (844) 818-6982 or jpettigrew @ scott- scott .com. The deadline for the lead plaintiff is March 8, 2021.
About Scott + Scott Lawyers LLP
Scott + Scott has extensive law enforcement experience in key securities, antitrust, and retirement plan actions in the United States. The company represents pension funds, foundations, individuals and other companies worldwide with offices in New York, London, Connecticut, California and Ohio.