NEW YORK, NY / ACCESSWIRE / October 4, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Kiromic BioPharma, Inc. ("Kiromic" or the "Company") (NASDAQ:KRBP) and reminds investors of the October 4, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Kiromic: (1) common stock pursuant and/or traceable to the Offering Documents and/or (2) securities between June 25, 2021 and February 2, 2022, both dates inclusive (the "Class Period"). Plaintiff pursues claims against Defendants under the Securities Act of 1933 and the Securities Exchange Act of 1934. and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/KRBP.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The Complaint alleges that the Offering Documents failed to disclose that the FDA had, prior to the filing of the Registration Statement and Prospectus, imposed a clinical hold, and in fact, contained statements indicating that it had not. Given that the Offering closed on July 2, 2021, more than thirty (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.
The Company, however, had received communications from the FDA on June 16 and 17, 2021, informing it that the FDA was placing the IND applications for its two candidate products on clinical hold. The Offering Documents failed to disclose this information, instead representing that clinical testing was expected to proceed in the third quarter of 2021. Clinical testing did not proceed in the third quarter of 2021, nor was it likely given the FDA's imposition of a clinical hold.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Kiromic's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP