According to the Complaint, Tricida, Inc. is a pharmaceutical company that focuses on the development and commercialization of its drug candidate, veverimer (TRC101), a non-absorbed, orally administered polymer designed as a potential treatment for metabolic acidosis in patients with chronic kidney disease ("CKD"). Tricida has completed a Phase 3, double-blind, placebo-controlled trial of veverimer in patients with CKD and metabolic acidosis.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company's business, operational, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and failed to disclose to investors that: (i) Tricida's NDA for veverimer was materially deficient; (ii) accordingly, it was foreseeably likely that the FDA would not accept the NDA for veverimer; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

On April 2, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 1. Defendants filed a Motion to Dismiss the amended Complaint on July 16. On July 29, 2022, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On December 15, 2022, Lead Plaintiff filed a second amended Complaint. On January 12, 2023, Defendants filed a notice of Bankruptcy for the Company Issuer. On January 24, Lead Plaintiff filed a Motion to voluntarily dismiss the Company Issuer. The Court granted Lead Plaintiff's Motion for Voluntary Dismissal of the Company Issuer on March 23.