KRBP.US
id: 115
Kiromic BioPharma (KRBP) IPO $2.3M Shareholder Settlement
The settlement terms have been submitted to the court for approval.
S.D. New York
Court1:22-cv-06690
Case number06/25/2021
Class period Start02/02/2022
Class period EndKiromic BioPharma (KRBP) agreed to settle $2.3 million with shareholders to end claims over its IPO in 2021.
Case Details:
The 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 $5 as part of a public offering, making a decision based on deliberately false information, have already lost about 90% of their investments.
Case Status
Stipulative Settlement
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.14
Filing date
08/05/2022
Plaintiffs
Ronald H. Karp, Joseph Podmore
Attorneys
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
Cash Settlement AmountFrequently Asked Questions
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