Kiromic BioPharma, Inc. (KRBP) is being investigated by Silver Law Group regarding possible violations of the federal securities laws.
If you purchased shares of Kiromic BioPharma, Inc. (KRBP), contact Silver Law Group at (800) 975-4345 or at email@example.com.
Kiromic BioPharma is a “target discovery and gene-editing company” working on the development of immuno cancer therapeutics to treat blood cancers and tumors.
Initial Public Offering (IPO)
Kiromic BioPharma held its IPO in October, 2020 with the offering of 1.25 million shares of stock for $12 per share. ThinkEquity, which is a division of Fordham Financial Management, was the sole book-running manager for the offering with Paulson Investment Company acting as co-manager.
Kiromic Stock Crashes On News Of Clinical Hold, Omission Of Material Information
On July 16, 2021 Kiromic issued a press release that disclosed negative news about the company’s new drug application with the FDA. In May, 2021, Kiromic had submitted two IND (Investigational New Drug Applications) to the FDA (Food and Drug Administration). The submission was for the “first-in-human off-the-shelf allogenic CAR-T for Solid Tumors”.
The press release stated that the “FDA returned with comments on the Company’s allogeneic CAR-T products with respect to: Tracing of all reagents used in manufacturing, Flow chart of manufacturing processes, Certificate of Analysis (COA) for the Company’s CAR-T products (allogeneic CAR-T)”.
On July 16, 2021, Kiromic’s stock price fell almost 17% and closed at $3.13 per share.
On August 13, 2021, Kiromic stated that the FDA had put the INDs on clinical hold. The company’s stock price continued to fall and closed at $2.95 per share on August 16, 2021.
Then, on February 2, 2022, the company stated that they had begun an investigation based on complaints from its former Chief Financial Officer, who left in October, 2021. The investigation showed that the FDA had told the company of the clinical hold on June 16th and 17th, 2021, but that the company failed to disclose these facts in its IPO documents, and that the material omission could be problematic for the company.
The stock price fell even further, closing at $0.62 per share on February 23, 2021.
Recover Kiromic BioPharma, Inc. (KRBP) Investment Losses
Silver Law Group is a nationally-recognized law firm representing victims of securities and investment fraud. We represent investors in class action lawsuits against issuers in federal and state court as well as investors in securities arbitration claims against brokerage firms for stockbroker misconduct.
Scott Silver, Silver Law Group’s managing partner, is the chairman of the Securities and Financial Fraud Group of the American Association of Justice. Contact us for a no-cost consultation at firstname.lastname@example.org or call (800) 975-4345.