NEW YORK, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston filed the first class action lawsuit against Kiromic BioPharma, Inc. ("Kiromic" or the "Company") (NASDAQ: KRBP) and against certain officers and directors of the Company regarding the allegations below. The proposed class period has been enlarged to now be on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Kiromic securities between June 25, 2021 and February 2, 2022, both dates inclusive (the "Class Period").
The Company's public offering closed on July 2, 2021 (the "Offering") and was conducted pursuant to a registration statement filed with the SEC on June 25, 2021 ("Registration Statement") and a final prospectus dated June 29, 2021 (the "Prospectus," with the Registration Statement, the "Offering Documents").
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.
Investors who purchased or otherwise acquired shares of Kiromic should contact the Firm prior to the October 4, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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