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It is alleged in this complaint that ChemoCentryx made misleading and false statements to the market. ChemoCentryx designed the study of its Phase III ADVOCATE trial in a manner that created issues relating to the interpretability of trial data to define a clinically meaningful benefit of avacopan. This trial data presented serious safety concerns in relation to avacopan. These problems combined to form a deep concern in regard to the viability of ChemoCentryx’s New Drug Application for avacopan for the treatment of ANCA-associated vasculitis. Throughout the class period, ChemoCentryx’s public statements were false and materially misleading based on these facts. Investors suffered damages when the market learned the truth about ChemoCentryx.