HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Investors in Kiromic BioPharma, Inc. (KRBP) with Significant Losses to Contact Firm’s Attorneys, Firm Investigating Possible Securities Law Violations
SAN FRANCISCO, March 28, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Kiromic BioPharma, Inc. (NASDAQ: KRBP) investors who purchased Kiromic shares to submit your losses now. The firm is investigating Kiromic’s possible securities law violations.
Visit: https://www.hbsslaw.com/investor-fraud/KRBP
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Kiromic BioPharma, Inc. (KRBP) Investigation:
The investigation focuses on Kiromic’s disclosures about its development of two cancer treatment product candidates, ALEXIS-PRO-1 and ALEXIS-ISO-1.
In the past, Kiromic has touted (1) the fact that it submitted two pre-initial new drug (“IND”) applications for its product candidates with the FDA on May 14 and May 17, 2021, and (2) its expectation that first human dosing in Phase I of clinical trials will commence in Q3 2021.
Kiromic’s statements allowed the Company to raise $40 million in a July 2021 public offering.
But on July 16, 2021, Kiromic disclosed that it had received “comments” from the FDA on its two INDs.
Then, on Aug. 13, 2021, the Company clarified that the FDA had actually put the INDs on “clinical hold.”
Finally, on Feb. 2, 2022, Kiromic essentially admitted that it had not been forthcoming with investors concerning the status of the INDs. Specifically, the Company revealed that it commenced an internal investigation based on complaints lodged by its former CFO, who abruptly departed in October 2021.
The internal investigation uncovered that the FDA had first informed the Company of the clinical hold on June 16 and June 17, 2021 – material facts not disclosed in Kiromic’s July 2021 public offering documents. Kiromic admitted that this material omission could subject the Company to liability under the securities laws.
These events have driven the price of Kiromic shares sharply lower.
“We’re focused on investors’ losses and the extent to which Kiromic may have misled investors by failing to disclose the June FDA communications,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Kiromic and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Kiromic should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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