Shareholder rights law firm Robbins LLP is investigating Kiromic Biopharma, Inc. (NASDAQ: KRBP) and its officers and directors to determine whether they breached fiduciary duties or violated securities laws in connection with the Company's July 2021 initial public offering ("IPO") by failing to disclose the FDA had placed a clinical hold on its two drug candidates. Kiromic presents itself as a target discovery and gene-editing company that utilizes artificial intelligence to create immunotherapy products.
If you would like more information about our investigation of Kiromic Biopharma Inc.'s misconduct, click here.
What is this Case About: According to the complaint, the offering documents in support of the IPO contained untrue statements of material fact. On June 16 and 17, 2021, the Company received communications from the FDA that the FDA was placing the Company's Investigational New Drug Applications for its two candidates on clinical hold. Rather than disclosing this information, Kiromic represented that clinical testing was expected to proceed in the third quarter of 2021. However, clinical testing did not proceed in the third quarter 2021, nor was it likely given the FDA's imposition of a clinical hold. When a proposed study is placed on clinical hold, no new subjects may be recruited for testing the drug and patients testing the drug must be taken off.
Next Steps: If you acquired shares of Kiromic Biopharma, Inc. pursuant to the Company's IPO or between June 25, 2021 and August 13, 2021, you have legal options. Contact Robbins LLP for more information about your legal rights and remedies.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Kiromic Biopharma, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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