KRBP.US
id: 115, Created by Stan Vick, Scout
Kiromic BioPharma (KRBP) Offering Case
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim payout
S.D. New York
Court1:22-cv-06690
Case number25 Jun 2021
Class period Start02 Feb 2022
Class period EndThe public offering closed on July 2, 2021, more than 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.
In fact, the Company received communications from the FDA on June 16 and 17, 2021, stating that the FDA was placing the IND applications for its two candidates.
The Offering Documents failed to disclose this information, instead representing that clinical testing was expected to proceed in the third quarter of 2021.
As a result, those investors who purchased the company's shares at a price of $ 5 as part of a public offering, making a decision based on deliberately false information, have already lost about 90% of their investments.
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
05 August 2022
Lead plaintiff
Ronald H. Karp, Joseph Podmore
Attorney
Gainey McKenna & Egleston (New York, NY)
Defendants
Tony Tontat, Gianluca Rotino, Pietro Bersani, Americo Cicchetti, Michael Nagel, Jerry Schneider
Judge
Hon. Jennifer H. Rearden
Administrator
Strategic Claims Services
Settlement agreement date
2023-09-29
Trades matching type
FIFO
+$2,300,000
Total Settlement AmountCase history
Stan Vick
04 October 2023
Kiromic Investors Seek $2.3M Settlement Approval
- Investors in Kiromic BioPharma requested preliminary approval from a NY judge for a $2.3 million settlement.
- The lawsuit alleges that $KRBP promoted the potential of two drug candidates before its 2021 public offering, despite being aware that the FDA had halted the clinical trials for these drugs.