New York, New York--(Newsfile Corp. - June 13, 2023) - Pomerantz LLP is investigating claims on behalf of investors of Chinook Therapeutics, Inc.("Chinook" or the "Company") (NASDAQ: KDNY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Chinook and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 16, 2023, Muddy Waters Research issued a report on Chinook, alleging that atrasentan, the Company's lead product candidate, "has been shown to be harmful to patients' cardiovascular health", and that "AbbVie and Chinook seem to have systemically manipulated research findings and presentation on atrasentan to obscure these trial results."
On this news, Chinook's stock price fell$1.05 per share, or 4.49%, to close at $22.35 per share on May 16, 2023.
Then, on June 7, 2023, Muddy Waters issued a follow-up report, further alleging that Chinook has manipulated its financial reporting, particularly as it relates to SanReno Therapeutics JV, which the report alleges to be an undisclosed related Chinese entity. The report specifically alleged that "Chinook uses SanReno to overstate revenues and assets."
On this news, Chinook's stock price fell $0.80 per share, or 3.23%, to close at $23.97 per share on June 7, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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