Kiromic is facing a class action lawsuit alleging that the registration statement and prospectus issued in connection with the Company's public offering that closed on July 2, 2021 (the "Offering Documents") failed to disclose that the Food and Drug Administration ("FDA") had, prior to the filing of these documents, imposed a clinical hold on the Company's Investigational New Drug ("IND") applications for its two new drug candidates. 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.
If you incurred a loss on KRBP : (a) common stock issued in connection with the Company's public offering that closed on July 2, 2021 and/or (b) common stock purchased between June 25, 2021 and August 13, 2021, both dates inclusive, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Southern District of New York, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until October 4, 2022 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.