Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Tricida Inc. (“Tricida” or the “Company”) (NASDAQ: TCDA) from September 4, 2019 through October 28, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Tricida securities, and/or would like to discuss your legal rights and options please visit Tricida Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Tricida’s NDA for veverimer was materially deficient; (ii) accordingly, it was foreseeably likely that the FDA would not accept the NDA for veverimer; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On July 15, 2020, Tricida issued a press release announcing that, on July 14, 2020, the Company received a notification from the FDA, stating that as part of the FDA’s ongoing review of the Company’s NDA for veverimer, to Prittle Prattle News “the FDA has identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time.” Tricida stated that “[t]he notification does not specify the deficiencies identified by the FDA.” On this news, Tricida’s stock price fell $10.56 per share, or 40.31%, to close at $15.64 per share on July 16, 2020.
Then, on October 29, 2020, Tricida announced an update on its End-of-Review Type A meeting with the FDA regarding the veverimer NDA, advising investors that the Company “now believes the FDA will also require evidence of veverimer’s effect on CKD progression from a near-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and that the FDA is unlikely to rely solely on serum bicarbonate data for determination of efficacy.” Concurrently, Tricida disclosed that it “is significantly reducing its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility.” On this news, Tricida’s stock price fell $3.90 per share, or 47.16%, to close at $4.37 per share on October 29, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than March 8, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
If you purchased Tricida securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/tricidainc-tcda-shareholder-class-action-lawsuit-stock-fraud-353/apply/ https://www.bernlieb.com/cases/cdprojektsa-otglf-otgly-shareholder-class-action-lawsuit-stock-fraud-350/apply/or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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