NEW YORK, Nov. 26, 2024 /PRNewswire/ — The following statement is being issued by Kroll Settlement Administration regarding Homyk v. ChemoCentryx, Inc. et al (N.D. Cal.).
TO: All persons who purchased or otherwise acquired the common stock of ChemoCentryx, Inc. (“ChemoCentryx”) from November 26, 2019 through May 6, 2021, inclusive (the “Class Period”), and were damaged thereby (the “Class”).
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California that the above-captioned action (the “Action”) has been certified to proceed as a class action on behalf of the Class as defined above.
In the Action, Lead Plaintiff Indiana Public Retirement System alleges that ChemoCentryx and its Chief Executive Officer, Thomas J. Schall (together, “Defendants”), made false or misleading statements about the safety and efficacy of ChemoCentryx’s proprietary vasculitis drug called avacopan (now TAVNEOS®) and about the application for FDA approval of avacopan, which caused the price of ChemoCentryx common stock to be artificially inflated during the Class Period and caused damages to investors when the market later learned the truth about the alleged misrepresentations. Lead Plaintiff further asserts that Defendant Schall sold ChemoCentryx stock while in possession of material non-public information concerning avacopan in violation of federal securities law, and that Class Members purchased stock contemporaneously with those sales. Defendants deny all of Lead Plaintiff’s allegations and deny any wrongdoing or violation of law. Defendants maintain that the trial design was appropriate and that the FDA was fully informed about the trial and approved its design prior to the trial’s commencement. Defendants further maintain that the market was aware of the trial design and the risks inherent in drug approval and that in any event the FDA approved avacopan (TAVNEOS®) based on the ADVOCATE trial. Please note: at this time, there is no judgment, settlement, or monetary recovery. Trial in this Action is scheduled for September 2025.
IF YOU ARE A MEMBER OF THE CERTIFIED CLASS (A “CLASS MEMBER”), YOUR RIGHTS WILL BE AFFECTED BY THIS ACTION. Excluded from the Class are Defendants and their immediate families, the officers and directors of ChemoCentryx at all relevant times, members of their immediate families, and Defendants’ legal representatives, heirs, successors, or assigns, and any entity in which Defendants have or had a controlling interest. A full printed Notice of Pendency of Class Action (the “Notice”) is currently being mailed to persons who have been identified as potential Class Members. If you have not yet received the Notice, you may obtain a copy by downloading it from www.ChemoCentryxSecuritiesLitigation.com or by contacting the Notice Administrator at:
ChemoCentryx Securities Litigation
c/o Kroll Settlement Administration
P.O. Box 5013
New York, NY 10150-5013
833-522-2606
Inquiries, other than requests for the Notice, may be made to the following representative of Class Counsel:
Abe Alexander, Esq.
BERNSTEIN LITOWITZ
BERGER & GROSSMANN LLP
1251 Avenue of the Americas
New York, NY 10020
800-380-8496
If you are a Class Member, you have the right to decide whether to remain a member of the Class. If you want to remain a Class Member, you do not need to do anything at this time other than to retain your documentation reflecting your transactions and holdings in ChemoCentryx common stock. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the proceedings in this Action, including all past, present, and future orders and judgments of the Court, whether favorable or unfavorable. Regardless of whether Lead Plaintiff wins or loses the case, you will not be able to sue Defendants—as part of any other lawsuit—regarding the same or similar factual circumstances and legal claims that are the subject of this lawsuit. If you move, or if the Notice was mailed to an old or incorrect address, please send the Notice Administrator written notification of your new address.
If you ask to be excluded from the Class, you will not be bound by any order or judgment entered in this Action, however, you will not be eligible to receive a share of any money which might be recovered for the benefit of the Class. To exclude yourself from the Class, you must submit a written request for exclusion postmarked no later than January 14, 2025, in accordance with the instructions set forth in the Notice.
Further information regarding this notice may be obtained by writing to the Notice Administrator at the address provided above.
PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE.
BY ORDER OF THE COURT:
United States District Court for the Northern District of California
SOURCE Kroll Settlement Administration
