NEW YORK, Nov. 07, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Tricida, Inc. (“Tricida” or the “Company”) (NASDAQ: TCDA). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Tricida and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 15, 2020, Tricida issued a press release announcing “that on July 14, 2020, the Company received a notification from the U.S. Food and Drug Administration (FDA) stating that, as part of its ongoing review of the Company’s New Drug Application (NDA)” for Tricida’s drug candidate, veverimer (TRC101), “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 sharply $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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com 888-476-6529 ext. 7980
