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KRBP.US
id: 115

Kiromic BioPharma (KRBP) IPO $2.3M Shareholder Settlement

Eligible claimants can submit their claims for compensation.
$2,300,000
Cash Settlement
S.D. New York
Court
1:22-cv-06690
Case number
06/25/2021
Class period Start
02/02/2022
Class period End
12/14/2026
Claim deadline

Kiromic BioPharma (KRBP) agreed to settle $2.3 million with shareholders to end claims over its IPO in 2021.

Case Details:

The public offering closed on July 2, 2021, more than 30 days after the Company submitted the IND applications for its two immunotherapy product candidates.

Investors were assured that no clinical hold had been issued and clinical trials would commence.

In fact, the Company received communications from the FDA on June 16 and 17, 2021, stating that the FDA was placing the IND applications for its two candidates.

The Offering Documents failed to disclose this information, instead representing that clinical testing was expected to proceed in the third quarter of 2021.

As a result, those investors who purchased the company's shares at $5 as part of a public offering, making a decision based on deliberately false information, have already lost about 90% of their investments.

Case Type
US Securities Class Action
Case Status
Accepting Claims
Alleged Offence
Misleading Statements, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.14
Filing date
08/05/2022
Plaintiffs
Ronald H. Karp, Joseph Podmore
Attorneys
Gainey McKenna & Egleston (New York, NY)
Defendants
Tony Tontat, Gianluca Rotino, Pietro Bersani, Americo Cicchetti, Michael Nagel, Jerry Schneider
Judge
Hon. Jennifer H. Rearden
Administrator
Strategic Claims Services
Settlement agreement date
2023-09-29
Court hearing date
12/17/2026
Exclusion deadline
11/26/2026
Objection deadline
11/12/2026
Hearing deadline
11/26/2026
Trades matching type
FIFO

Frequently Asked Questions

Who is eligible for this settlement?

All persons and entities that purchased or otherwise acquired (a) Kiromic common stock pursuant and/or traceable to the Offering Documents and/or (b) Kiromic common stock between June 25, 2021 and February 2, 2022, both dates inclusive.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How much will my payment be?

The final payout amount depends on your specific trades and the number of investors participating in the settlement.

If 100% of investors file their claims - the average payout will be $0.14 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $0.56 per share.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11thestate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

  1. Prepare documents for your payout

  2. Audit the claim and make sure you get the maximum possible payout

  3. File a claim with the settlement administration

  4. Correspond with the settlement administration to resolve emerging issues

  5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.