The complaint alleges that throughout the Class Period, the defendants misrepresented and/or failed to disclose to investors that: (1) ChemoCentryx's design for the ADVOCATE Phase III trial was fundamentally flawed, which raised questions about the interpretability of the trial data and the ability to define a clinically meaningful benefit of avacopan and its role in the treatment of ANCA-associated vasculitis; (2) the results from the ADVOCATE trial raised serious safety concerns for avacopan; and (3) these issues raised significant doubt about the viability of ChemoCentryx's NDA for avacopan for the treatment of ANCA-associated vasculitis. As a result, the defendants' statements about the ADVOCATE trial design, and efficacy and safety results were materially false and misleading at all relevant times.