An investigation on behalf of investors in Kiromic BioPharma, Inc. (NASDAQ:KRBP) shares over potential wrongdoing at Kiromic BioPharma, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 05/26/2022 -- Certain directors of Kiromic BioPharma, Inc. are under investigation over potential breaches of fiduciary duties by certain directors.
Investors who purchased shares of Kiromic BioPharma, Inc. (NASDAQ: KRBP) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Kiromic BioPharma directors breached their fiduciary duties and caused damage to the company and its shareholders.
Houston, TX based Kiromic BioPharma, Inc., a target discovery and gene editing company, focuses on developing immuno-oncology therapeutics for the treatment of blood cancers and solid tumors.
On or around October 16, 2020, Kiromic BioPharma, Inc conducted its initial public offering ("IPO"), selling 1.25 million shares of common stock priced at $12.00 per share.
Then, on July 16, 2021, Kiromic BioPharma, Inc disclosed that, following the May 2021 submission of two Investigational New Drug Applications ("INDs") to the U.S. Food and Drug Administration ("FDA") "for the first-in-human off-the-shelf allogeneic CAR-T for Solid Tumors", 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 . . . [and] Certificate of Analysis (COA) for the Company's CAR-T products (allogeneic CAR-T)."
Then, on August 13, 2021, Kiromic BioPharma, Inc clarified that the FDA had actually put the INDs on "clinical hold".
Finally, on February 2, 2022, Kiromic BioPharma, Inc disclosed that the Company had commenced an internal investigation based on complaints lodged by its former Chief Financial Officer, who had abruptly departed the Company in October 2021. The internal investigation revealed that the FDA had first informed the Company of the clinical hold on June 16 and June 17, 2021, yet the Company had not disclosed these material facts in its IPO documents. Kiromic BioPharma, Inc admitted that this material omission could subject the Company to liability under the securities laws.
Shares of Kiromic BioPharma, Inc. (NASDAQ: KRBP) declined to as low as $0.23 per share on May 24, 2022.
Those who purchased shares of Kiromic BioPharma, Inc. (NASDAQ: KRBP) have certain options and should contact the Shareholders Foundation.
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