Chinook Therapeutics, Inc. (KDNY)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Chinook Therapeutics, Inc. (“Chinook” or the “Company”) (NASDAQ: KDNY). Investors who purchased Chinook securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Chinook and certain of its officers and/or directors have violated federal securities laws.
On May 16, 2023, Muddy Waters Research (“Muddy Waters”) 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.
If you are aware of any facts relating to this investigation or purchased Chinook shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.