Governance & Derivative
Tricida, Inc. (NasdaqGS: TCDA)
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Tricida, Inc. (NasdaqGS: TCDA).
On July 15, 2020, the Company disclosed that it received a notification from the U.S. Food and Drug Administration (FDA) regarding its ongoing review of the Company’s New Drug Application (NDA) for its drug candidate, veverimer (TRC101) wherein “the FDA has identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time.” Then, on October 29, 2020, the Company disclosed that the FDA had informed it that the FDA was “unlikely to rely solely on serum bicarbonate data for determination of efficacy” and would “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.” Finally, on February 25, 2021, the Company disclosed that the FDA had denied the appeal of its NDA denial.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether Tricida’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws. If you have information that would assist KSF in its investigation, or have been a long-term holder of Tricida shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or fill out the form on this page.