| COMPANY |
Kiromic BioPharma, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
22-cv-06690 |
| JUDGE |
Victor Marrero |
| CLASS PERIOD |
June 25, 2021 and August 5, 2022 |
| SECURITY TYPE |
Common Stock |
Kiromic investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than October 4, 2022 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Kiromic BioPharma, Inc. ("Kiromic") (NASDAQ: KRBP) common stock between June 25, 2021 and August 5, 2022, inclusive (the "Class Period").
Case Background:
In late June 2021, Kiromic conducted an initial public offering (IPO) which closed on July 2, 2021. At the time of the IPO, Kiromic presented itself as a target discovery and gene-editing company which utilized artificial intelligence to create immunotherapy products. Although Kiromic had no immunotherapy products on the market at the time, it had applications to begin human clinical trials for two new drug candidates, known as Investigational New Drug (IND) applications, pending with the FDA. The company’s public filings in connection with the IPO stated that Kiromic could commence clinical trials within thirty days of those IND applications unless the FDA imposed a clinical hold.
Kiromic, however, had received communications from the FDA on June 16 and 17, 2021, prior to the IPO, informing the company that the FDA was placing the IND applications for its two candidate products on clinical hold. The IPO documents failed to disclose this information, instead representing that clinical testing was expected to proceed in the third quarter of 2021. Clinical testing did not proceed in the third quarter of 2021, nor was it likely given the FDA’s imposition of a clinical hold.
On July 16, 2021, two weeks after the closing of Kiromic’s IPO, Kiromic issued a press release revealing that it had received “comments” from the FDA regarding its IND product, “ALEXIS.” Additionally, on August 13, 2021, Kiromic issued another press release wherein Kiromic made passing reference to “clinical hold issues” by the FDA regarding Kiromic’s IND products, but did not otherwise expand on what those issues were. Since the true details of Kiromic’s misrepresentations and omissions entered the market, the price and value of Kiromic’s stock has declined significantly.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.