An investigation for investors in Chinook Therapeutics, Inc. (NASDAQ:KDNY) shares over potential securities laws violations by Chinook Therapeutics, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 06/01/2023 -- Chinook Therapeutics, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Chinook Therapeutics, Inc. (NASDAQ: KDNY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether certain statements by Chinook Therapeutics, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Seattle, WA based Chinook Therapeutics, Inc., a clinical-stage biotechnology company, focuses on the discovery, development, and commercialization of precision medicines for kidney diseases. Chinook Therapeutics, Inc. reported that its annual Total Revenue declined from $51.62 million in 2021 to $6.12 million in 2022, and that its Net Loss increased from $102.93 million in 2021 to $187.86 million in 2022.
On May 16, 2023, Muddy Waters Research published a report alleging that Chinook's lead product candidate, atrasentan, "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."
Shares of Chinook Therapeutics, Inc. (NASDAQ: KDNY) declined from $23.40 per share on May 12, 2023, to as low as $19.20 per share on May 16, 2023.
Those who purchased shares of Chinook Therapeutics, Inc. (NASDAQ: KDNY) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.