NEW YORK, May 27, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Chinook Therapeutics, Inc. (“Chinook” or the “Company”) (NASDAQ: KDNY).
If you suffered losses exceeding $50,000 investing in Chinook stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/KDNY.
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The investigation focuses on Chinook’s statements related to the commercial prospects for its lead product candidate (atrasentan), which is under development, to treat patients with kidney disease.
As recently as April 25, 2023, Chinook assured investors that “we believe that we have developed what we think is one of the leading pipelines targeting kidney disease […] that’s really led by our — our most advanced program, which is called atrasentan […] that we in-licensed from AbbVie a few years ago.”
But on May 16, 2023, Muddy Waters Capital published a report concluding: (1) the FDA is unlikely to approve atrasentan; (2) “atrasentan is inefficacious for chronic kidney disease”; (3) “atrasentan has been shown to be harmful to patients’ cardiovascular health”; and (4) “AbbVie and Chinook seem to have systematically manipulated research findings and presentation on atrasentan to obscure these trial results.”
In response, the price of Chinook shares fell sharply lower during intraday trading on May 16, 2023.
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