According to the Complaint, Kiromic BioPharma, Inc. described itself to investors as a “target discovery and gene-editing company utilizing artificial intelligence and our proprietary neural network platform with a therapeutic focus on immuno-oncology.”

The Company’s public offering closed on July 2, 2021 and was conducted pursuant to a registration statement filed with the SEC on June 25, 2021 and a final prospectus dated June 29, 2021.

The Complaint alleges that the Offering Documents failed to disclose that the FDA had, prior to the filing of the Registration Statement and Prospectus, imposed a clinical hold, and in fact, contained statements indicating that it had not.

On October 27, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 22-CV-06690. Lead Plaintiff filed a consolidated Complaint on December 21, 2022.

On September 29, 2023, the parties entered into a Stipulation of Settlement.