Kiromic BioPharma, Inc. Class Action Lawsuit - KRBP
Investors who suffered a loss and would like to learn more, click here to contact us.
The Kiromic BioPharma class action lawsuit seeks to represent purchasers or acquirers of Kiromic BioPharma, Inc. (NASDAQ: KRBP): (a) common stock pursuant to the registration statement filed and a final prospectus (together, the “Offering Documents”) issued in connection with Kiromic BioPharma’s public offering that closed on July 2, 2021 (the “Offering”); and/or (b) common stock between June 25, 2021 and August 13, 2021, inclusive (the “Class Period”). The Kiromic BioPharma class action lawsuit – captioned Karp v. Kiromic BioPharma, Inc., No. 22-cv-06690 (S.D.N.Y.) – charges Kiromic BioPharma, certain of its top executive officers and directors, as well as the successor to the Offering’s underwriter with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Kiromic BioPharma class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Kiromic BioPharma class action lawsuit must be filed with the court no later than October 4, 2022.
CASE ALLEGATIONS: At the time of the Offering, Kiromic BioPharma presented itself as a target discovery and gene-editing company which utilized artificial intelligence to create immunotherapy products. While Kiromic BioPharma 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 U.S. Food and Drug Administration (“FDA”). The Offering Documents stated that Kiromic BioPharma could commence clinical trials within 30 days of those IND applications unless the FDA imposed a clinical hold.
The Kiromic BioPharma class action lawsuit alleges the Offering Documents failed to disclose that the FDA had, prior to the filing of the Offering Documents, imposed a clinical hold, and in fact, contained statements indicating that it had not. In reality, Kiromic BioPharma 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 candidate products on clinical hold. However, the Offering 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.
Then, on August 13, 2021, Kiromic BioPharma issued a press release which made passing reference to “clinical hold issues” but did not otherwise expand on what those issues were.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Kiromic BioPharma common stock pursuant to the Offering Documents issued in connection with Kiromic BioPharma’s Offering and/or Kiromic BioPharma common stock during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Kiromic BioPharma class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Kiromic BioPharma class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Kiromic BioPharma class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.