Tricida CEO to Pay $14 Million in Class Suit Over Drug Progress

Tricida Inc.'s CEO has reached an agreement with investors to pay about $14 million to settle allegations that he misled investors about a kidney disease treatment’s progress toward FDA approval, a federal court filing said.

The deal with the bankrupt drug developer’s founder, CEO, and president Gerrit Klaerner warrants preliminary approval, lead plaintiff Jeffrey Fiore told the US District Court for the Northern District of California on Monday. Tricida was dismissed from the class action following its 2023 bankruptcy.

• Fiore alleged Klaerner misrepresented the Food and Drug Administration’s reasons for canceling a 2020 advisory committee meeting related to Tricida’s new ...