Kiromic Biopharma, Inc. Shareholder News: Robbins LLP Investigating Kiromic Biopharma, Inc. (KRBP) on Behalf of Shareholders
SAN DIEGO–(BUSINESS WIRE)–Law firm in shareholder law Robbins LLP is investigating Kiromic Biopharma, Inc. (NASDAQ: KRBP) and its officers and directors to determine whether they breached their fiduciary duties or violated securities laws in connection with the initial public offering (“IPO”) of the company in July 2021 by failing to disclose that the FDA had placed a clinical hold on its two drug candidates. Kiromic markets itself as a target discovery and gene editing company that uses artificial intelligence to create immunotherapy products.
If you would like more information about our investigation into the misconduct of Kiromic Biopharma Inc., click here.
What this case is about: According to the complaint, the offering documents in support of the IPO contained misrepresentations of material facts. On June 16 and 17, 2021, the Company received communications from the FDA informing it 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 indicated that clinical trials were expected to take place in Q3 2021. However, clinical trials did not take place in Q3 2021, and it was not likely that the FDA imposed a clinical suspension. When a proposed study is placed on clinical hold, no new subjects can be recruited to test the drug and patients testing the drug must be withdrawn.
Next steps: If you acquired shares of Kiromic Biopharma, Inc. as part of 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 done on a contingent fee basis. Shareholders do not pay any fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recoup losses, improving corporate governance structures and holding corporate executives responsible for their wrongdoings since 2002. To be notified if a class action lawsuit against Kiromic Biopharma, Inc. settles or to receive free alerts when corporate executives commit wrongdoing, sign up for Watch Inventory today.
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