Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Kiromic BioPharma, Inc. (“Kiromic” or the “Company”) (NASDAQ: KRBP) in the United States district Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Kiromic securities between June 25, 2021 and August 13, 2021, both dates inclusive, or pursuant to the Company’s July 2, 2021 IPO (the “Class Period”). Investors have until October 4, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The Complaint alleges that the Offering Documents failed to disclose that the FDA had, prior to the filing of the Registration Statement and Prospectus, imposed a clinical hold, and in fact, contained statements indicating that it had not. Given that the Offering closed on July 2, 2021, more than thirty (30) days after the Company submitted the IND applications for its two immunotherapy product candidates, investors were assured that no clinical hold had been issued and clinical trials would commence. The Company, however, 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. 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.
If you purchased or otherwise acquired Kiromic shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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