Tricida, Inc. (TCDA)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Tricida, Inc. ("Tricida” or "the Company") (NASDAQ: TCDA). The investigation concerns whether Tricida and certain of its officers and/or directors have violated federal securities laws.
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 ha[d] 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 August 24, 2020, Tricida announced that it received a Complete Response Letter (“CRL”) from the FDA for its NDA for veverimer on August 21, 2020. The Company advised that, “[a]ccording to the CRL, the FDA is seeking additional data beyond the TRCA-301 and TRCA-301E trials regarding the magnitude and durability of the treatment effect of veverimer” and “the applicability of the treatment effect to the U.S. population.” The Company further advised that the “FDA also expressed concern as to whether the demonstrated effect size would be reasonably likely to predict clinical benefit.” On this news, Tricida’s stock price fell $3.13 per share, or 23.64%, to close at $10.11 per share on August 24, 2020.
If you are aware of any facts relating to this investigation, or purchased Tricida shares, you can assist this investigation by contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.