NEW YORK, Jan. 22, 2021 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of persons and entities that purchased or otherwise acquired Tricida, Inc. ("Tricida" or the "Company") (NASDAQ: TCDA) securities between September 4, 2019 and October 28, 2020, inclusive (the "Class Period").
All investors who purchased shares of Tricida, Inc. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Tricida, Inc. you may, no later than March 8, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Tricida, Inc.
Tricida's drug candidate, veverimer, is a polymer designed as a potential treatment for metabolic acidosis in patients with chronic kidney disease ("CKD"). The Company has completed a Phase 3, double-blind, placebo-controlled trial of veverimer in patients with CKD and metabolic acidosis.
On September 4, 2019, Tricida announced that it had submitted a New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") under the Accelerated Approval Program for approval of veverimer for the treatment of metabolic acidosis in patients with CKD.
On July 15, 2020, Tricida announced that it had received a notice from the FDA "identif[ying] deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time." The Company stated that "[t]he notification does not specify the deficiencies identified by the FDA."
On this news, the Company's stock price fell $10.56, or 40.31%, to close at $15.64 per share on July 16, 2020.
Then, on October 29, 2020, following its End-of-Review Type A meeting with the FDA, Tricida announced that it "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." Tricida also disclosed that it was "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, the Company's stock price fell $3.90, or 47.16%, to close at $4.37 per share on October 29, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
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