NEW YORK, Aug. 29, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Tricida, Inc. (“Tricida” or the “Company”) (NASDAQ:  TCDA).   Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Tricida and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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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.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980