SAN
FRANCISCO, Nov. 8, 2022 /PRNewswire/ -- Schubert
Jonckheer & Kolbe LLP is investigating potential derivative
claims on behalf of shareholders of Kiromic Biopharma, Inc.
(NASDAQ: KRBP) relating to possible false and misleading statements
to investors concerning commercial prospects for the company's
immunotherapy medications.
Kiromic is a target discovery and gene-editing company which
utilizes artificial intelligence to create immunotherapy products.
FDA approval was key to Kiromic's commercial success. Kiromic filed
two investigational new drug ("IND") applications with the FDA in
December 2020 and resubmitted the
applications based on product revisions in May 2021. On June
16 and 17, 2021, the FDA informed Kiromic that the agency
was placing a clinical hold on the company's IND applications,
which would delay clinical testing and slow down product
development.
Kiromic's public offering was finalized in early July 2021, pursuant to a registration statement
issued on June 29, 2021, which
falsely represented that the FDA approval process was well underway
for the company's immunotherapy drugs: "These products are in the
pre-initial new drug ("IND") stages of the US Food and Drug
Administration (the "FDA") clinical trial process. We are currently
going through the IND enabling trials process and we expect that
first in human dosing Phase I of clinical trials will commence in
the third quarter of 2021."
Kiromic made a passing reference to the FDA's clinical hold in a
press release issued on August 13,
2021. However, the company only revealed the full details of
the clinical hold in an 8-K filed on February 2, 2022. In this same filing, Kiromic
acknowledged its failure to be forthright about the clinical hold
in the company's offering documents.
The Schubert Firm is investigating potential breaches of
fiduciary duty by Kiromic's officers and directors in connection
with these allegations.
If you own stock in Kiromic Biopharma and wish to obtain
additional information about your legal rights, please contact
us today or visit our website at
https://www.classactionlawyers.com/kiromic.
About Schubert Jonckheer &
Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders,
employees, and consumers in class actions against corporate
defendants, as well as shareholders in derivative actions against
their officers and directors. The firm is based in San Francisco, and with the help of
co-counsel, litigates cases nationwide.
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SOURCE Schubert Jonckheer & Kolbe LLP