ChemoCentryx Hit With Investor Suit Over Drug Trial Claims

Law360 (June 9, 2021, 5:49 PM EDT) -- ChemoCentryx Inc. has been hit with a proposed investor class action in California federal court accusing the biopharmaceutical company of overstating the efficacy of its newly developed treatment for an autoimmune disease called ANCA vasculitis.

The Southeastern Pennsylvania Transportation Authority, an institutional investor with about 14,000 beneficiaries, said in its Tuesday complaint that California-based ChemoCentryx artificially inflated its stock price by touting positive trial results for its drug avacopan. According to the suit, the stock price plummeted in the days following a brief from the U.S. Food and Drug Administration that raised uncertainties about ChemoCentryx's trial results and safety concerns about...

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