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KRBP.US

Kiromic BioPharma (KRBP) IPO $2.3M Shareholder Settlement

S.D. New York
Court
1:22-cv-06690
Case number
25 Jun 2021
Class period Start
02 Feb 2022
Class period End
Kiromic BioPharma (KRBP) agreed to settle $2.3 million with shareholders to end claims over its IPO in 2021.

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.
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
05 August 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
Total Settlement Amount
Created by Stan Vick, Scout

Kiromic Biopharma Inc

Kiromic BioPharma, Inc., an artificial intelligence driven allogeneic cell therapy company, engages in developing the multi-indication allogeneic T cell therapies that exploits the natural potency ...

    Ticker
    KRBP.US
    ISIN
    US4976341051
    CIK
    1792581
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    7707 Fannin Street, Houston, TX, United States, 77054