NEW YORK, July 28, 2021 /PRNewswire/ -- 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 or around October 16, 2020, Kiromic conducted its initial public offering, selling 1.25 million shares of common stock priced at $12.00 per share. Then, on July 16, 2021, Kiromic issued a press release disclosing 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)."
On this news, Kiromic's stock price fell $0.63 per share, or 16.76%, to close at $3.13 per share on July 16, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.