ChemoCentryx Inc. (NASDAQ: CCXI), Qurate Retail Inc. (NASDAQ: QRTEA), and Washington Prime Group (NYSE: WPG) are facing federal securities class action lawsuits.
Washington Prim Group faces class action.
Wolf Haldenstein Adler Freeman and Herz LL have filed a class-action suit against Washington Prime Group in the US District Court on behalf of investors that acquired the company’s shares between November 5, 2020, and March 4, 2021.
In February, the company announced that its partnership Washington Prime Group L.P was withholding interest payment of around $23.2 million due February 15, 2021, for outstanding Senior Notes due 2024. Following the news, the company’s stock dropped 38% on unusually heavy trading volume.
Qurate under probe
Qurate Retail is under investigation by The Law Offices of Frank R. Cruz on behalf of investors for federal securities laws violation. On February 26, 2020, the company revealed that it had found a material weakness in its internal financial reporting and concluded that its internal reporting was ineffective as of December 31, 2019. Following the revelation, the company’s stock dropped 24% on February 26, 2020, thus leaving investors counting losses.
ChemoCentryx’s avacopan had serious safety concerns.
Also, ChemoCentryx Inc. is under probe by the Law Offices of Howard G. Smith on behalf of investors. The company’s lead candidate, avacopan, has been developed as a potential ANCA-associated vasculitis (AAV) treatment. On July 9, 2020, the company announced the filing of an NDA for avacopan to the FDA for AAV treatment.
On May 4, 2021, the US FDA issued a “Briefing Document” about avacopan, indicating that there were complexities in study design that raised questions regarding data interoperability to establish a clinically meaningful benefit and avacopan’s role in AAV management. The FDA raised safety concerns about avacopan leading to a stock price drop of 45.45%.