NEW YORK, Oct. 04, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston have submitted The first 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 proposed collection period has been extended to apply on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Kiromic securities between 25 June 2021 and 2 February 2022, both dates inclusive (the “ collection period”).

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 offer 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 had received communications from the FDA on June 16 and June 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 clinical testing is expected to resume in the third quarter of 2021. Clinical testing did not continue in the third quarter of 2021, nor was the FDA likely to issue a clinical lockdown.

Investors who have purchased or otherwise acquired Kiromic stock should contact the company before October 4, 2022 to lead…