NEW YORK, Sept. 14, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston is the only company which has filed a class action lawsuit against Kiromic BioPharma, Inc. (“Kiromic” or the “Company”) (NASDAQ: KRBP) and certain officers and directors of the Company relating to the allegations below. The Class Action has been filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons and entities who have purchased or otherwise acquired: (1) Kiromic Common Stock pursuant to and/or attributable to the Offering Documents (defined below) and/or (2) Kiromic Securities between June 25, 2021 and August 13, 2021, both dates inclusive (the “Collection Period”). Plaintiff is pursuing claims against defendants under the Securities Act of 1933 and the Securities Exchange Act of 1934.

The Company’s public offering ended on July 2, 2021 (the “Offering”) and was completed pursuant to a registration statement filed with the SEC on June 25, 2021 (“Registration Statement”) and a final prospectus dated June 29, 2021 (the “Offering” ) carried out the “Prospectus”, with the registration statement, the “Offering Documents”).

The complaint alleges that the bid documents did not disclose that the FDA had imposed a clinical lockdown prior to filing the registration statement and prospectus, and that they in fact included statements indicating that this was not the case. Given that the Offering closed on July 2, 2021, more than thirty (30) days after the Company submitted IND applications for its two immunotherapy product candidates, investors have been assured that no clinical lockdown has been issued and clinical trials would begin.

However, the Company received communications from the FDA on June 16 and 17, 2021 informing it that the FDA is placing the IND applications for its two candidate products on clinical hold. The offering documents did not disclose this information, instead stating that the clinical trials are expected to begin in…