SAN FRANCISCO, Oct. 02, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Kiromic BioPharma, Inc. (NASDAQ: KRBP) investors who purchased Kiromic shares to submit your losses now.
Kiromic BioPharma, Inc. (KRBP) Securities Class Action:
The litigation focuses on Kiromic’s statements about its development of two cancer treatment product candidates, ALEXIS-PRO-1 and ALEXIS-ISO-1, allowing it to issue 8 million shares at $40 per share to investors, which secondary offering closed on or about July 1, 2021.
More specifically, Kiromic represented that it had applications to begin human clinical trials for the two new drug candidates, known as Investigational New Drug (“IND”) applications, pending with FDA, and that the Company could commence clinical trials within 30 days of those IND applications unless the FDA imposed a clinical hold.
Unbeknownst to investors, the Company 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.
On July 16, 2021, two weeks after the closing of the ordering, Kiromic disclosed that it had received “comments” from the FDA on its two IND applications.
Then, on Aug. 13, 2021, the Company clarified that the FDA had put the INDs on “clinical hold.”
After the class period, on Jan. 27, 2022, the Company’s CEO abruptly departed.
These events have driven the price of Kiromic shares sharply lower.
“We’re focused on investors’ losses and proving Kiromic misled investors by failing to disclose the June FDA clinical hold communications,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Kiromic and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Kiromic should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email KRBP@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895