SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Kiromic BioPharma Inc. -KRBP
Sep 23rd, 2022 19:55 EST
New York, New York--(Newsfile Corp. - September 23, 2022) - Pomerantz LLP is investigating claims on behalf of investors of Kiromic BioPharma Inc. ("Kiromic" or the "Company") (NASDAQ: KRBP). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Kiromic and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 2, 2021, Kiromic closed a public offering of 8 million shares of common stock priced at $5.00 per share, conducted pursuant to a registration statement filed with the U.S. Securities and Exchange Commission on June 25, 2021 (the "Offering"). On August 13, 2021, the Company issued a press release which made passing reference to "clinical hold issues" affecting the Company's Investigational New Drug applications for two immunotherapy products but did not otherwise expand on what those issues were. The press release stated, in relevant part, under the heading Events occurring after June 30, 2021 until August 13, 2021: "Communications with the FDA -- Supported by IQVIA, instead of simply addressing the FDA's questions with a written response only (WRO), we took the decision to apply for a Type A meeting with the FDA. The Type A meeting will address the clinical hold issues and will allow us to discuss path toward our first-in-human dosing."
Then, on November 18, 2021, the Company received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") advising the Company that it was not in compliance with Nasdaq's continued listing requirements under the Nasdaq Listing Rule 5250(c)(1) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 in a timely manner. Finally, on January 27, 2022, Kiromic terminated Maurizio Chiriva-Internati as Chief Executive Officer for cause after finding evidence of "conduct that the Board believed was inconsistent with the Company's policies." The details of his conduct have not been publicly revealed. Since the Offering, Kiromic's common stock price has fallen more than 90%.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:Robert S. WilloughbyPomerantz LLP[email protected]888-476-6529 ext. 7980
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