2022-08-20 | NDAQ:KRBP | Press release
RADNOR, Pa., August 20, 2022 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) advises investors that a class action securities lawsuit has been filed against Kiromic BioPharma, Inc. (“Kiromic”) (NASDAQ: KRBP). The suit accuses Kiromic of violations of federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. Due to materially misleading statements and omissions by Kiromic to the public, investors in Kiromic have suffered significant losses.
CLICK HERE TO SUBMIT YOUR KIROMIC LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE INTO YOUR BROWSER: https://www.ktmc.com/new-cases/kiromic-biopharma-inc?utm_source=PR&utm_medium=link&utm_campaign=kiromic&mktm=r
TO SEE OUR VIDEO, PLEASE CLICK HERE
PRINCIPAL APPLICANT DEADLINE:OCTOBER 4, 2022
CLASS PERIOD: COMMON SHARES PURCHASED BETWEEN JUNE 25, 2021 AND AUGUST 5, 2022
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or by email at firstname.lastname@example.org
Kessler Topaz is one of the world’s foremost advocates for protecting the public from corporate fraud and other wrongdoing. Our securities fraud litigants are consistently individually recognized as leaders in the field and our firm is both feared and respected within the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
KIROMIC’S ALLEGED MISCONDUCT
Late June 2021Kiromic completed an initial public offering (IPO) which closed the July 2nd, 2021. At the time of the IPO, Kiromic marketed itself as a targeted gene discovery and editing company that used 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. Public filings by the company in connection with the IPO stated that Kiromic could begin clinical trials within thirty days of such IND requests, unless the FDA imposes a clinical hold.
Kiromic, however, had received communications from the FDA about June 16 and on 17, 2021, before the IPO, notifying the company that the FDA was placing IND applications for its two product candidates on clinical hold. The IPO documents did not disclose this information, instead stating that clinical trials were scheduled to take place in the third quarter of 2021. Clinical trials did not take place in the third quarter of 2021, nor did has probably not been given the imposition of a clinical hold by the FDA.
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”. Moreover, on August 13, 2021, Kiromic issued another press release in which Kiromic made passing reference to “clinical hold issues” by the FDA regarding Kiromic’s IND products, but did not elaborate on what those issues were. Ever since the true details of Kiromic’s misrepresentations and omissions entered the market, the price and value of Kiromic’s shares have declined significantly.
WHAT CAN I DO?
Kiromic investors can, not later than October 4, 2022, seek to be appointed as the lead plaintiff representing the class through Kessler Topaz Meltzer & Check, LLP or another attorney, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Kiromic investors who have suffered significant losses to contact the company directly for more information.
CLICK HERE TO REGISTER FOR THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the greatest financial interest and who are also adequate and typical of the proposed category of investors. The lead plaintiff chooses an attorney to represent the lead plaintiff and the class and those attorneys, if approved by the court, are the lead or class attorneys. Your ability to participate in any collection is not affected by whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class action lawsuits in state and federal courts nationwide and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, corporate and fiduciary misconduct and negligence. The complaint in this action was not filed by Kesler Topaz meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, Pennsylvania 19087
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SOURCE Kessler Topaz Meltzer & Check, LLP