NEW YORK, August 05, 2022 (WORLD NEWS CABLE) — Gainey McKenna & Egleston announces that it has filed a class action lawsuit against Kiromic BioPharma, Inc. (“Kiromic” or the “Company”) KRBP and against certain officers and directors of the Company. The class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons and entities that purchased or acquired: (1) Kiromic common Values compliant and/or traceable to the Offering Documents (defined below) and/or (2) Kiromic Securities between June 25, 2021 and August 13, 2021, both dates inclusive (the “Class Period”). Plaintiff brings claims against Defendants under the Securities Act of 1933 and the Securities Exchange Act of 1934.
The public of the company offering closed on July 2, 2021 (the “Offering”) and was made pursuant to a registration statement filed with the SEC on June 25, 2021 (“Registration Statement”) and a final prospectus dated June 29, 2021. June 2021 (the “Prospectus”, with the Registration Statement, the “Offering Documents”).
The Complaint alleges that the Offering Documents did not disclose that the FDA, prior to the filing of the Registration Statement and Package Insert, had imposed a clinical hold and, in fact, contained statements indicating that it had not. As the Offering closed on July 2, 2021, more than thirty (30) days after the Company filed IND applications for its two immunotherapy product candidates, investors were assured that no hold had been issued. clinic and that clinical trials would begin.
However, the Company had received communications from the FDA on June 16 and 17, 2021, informing it that the FDA was placing the IND applications for its two product candidates on clinical hold. The Offering Documents did not disclose this information, but instead represented that clinical testing was expected to continue in the third quarter of 2021. Clinical testing did not continue in the third quarter of 2021, nor likely due to the imposition of a clinical suspension for part of the FDA.
Investors who bought or acquired Kiromic shares should contact the Firm before October 4, 2022 lead plaintiff’s motion deadline. A lead plaintiff is a representative party acting on behalf of other class members to direct the litigation. If you would like to discuss your rights or interests with respect to this class action lawsuit, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or by email at [email protected] either [email protected].
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