Suit Alleging Tricida Misled Investors to Proceed as Class

A Tricida Inc. investor alleging the company and its CEO misled investors about issues raised by the FDA over its kidney disease treatment was granted class certification, a federal judge said.

Investor Jeffrey Fiore satisfied the predominance requirement for class certification by showing that the company and its CEO, Gerrit Klaerner, failed to fully disclose to investors “‘significant issues’” raised by the FDA in May 2020 over its application to get its veverimer drug approved until February 2021, according to an order of the US District Court for the Northern District of California.

A class of investors who acquired Tricida ...