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KYTX.US
id: 1422

Kyverna Therapeutics (KYTX) IPO Misrepresentation Case

The defendant has requested the court to dismiss the case.
N.D. California
Court
5:24-cv-08869
Case number
02/08/2024
Class period Start
12/09/2024
Class period End
02/07/2025
Lead Plaintiff motion deadline
  • $KYTX investors sued Kyverna Therapeutics for misleading them about clinical trial results and risks tied to its lead product, KYV-101.
  • On June 14, 2024, Kyverna revealed negative trial data at an industry conference, contradicting its earlier positive IPO statements. Following this news, $KYTX dropped by 25%
  • $KYTX investors can join this case to be notified about potential recovery.

Case Details:


Kyverna Therapeutics held its IPO on February 8, 2024, raising over $296 million by selling 14.5 million shares at $22 each. In its filings, the company highlighted early positive results from KYV-101 trials for lupus nephritis, showing improvements in urine protein creatinine ratio (UPCR).

However, Kyverna failed to disclose existing adverse trial data, including safety concerns and dose-limiting toxicities, misrepresenting the risks of KYV-101.

On June 14, 2024, at the European Alliance of Associations for Rheumatology conference, Kyverna revealed the adverse data.

By December 2024, $KYTX had fallen to $3.92, an 82% decline from its IPO price, as the withheld information came to light.

Based on these events, $KYTX investors filed a lawsuit against Kyverna Therapeutics, accusing the company of the following:
  • It misled investors by omitting adverse trial data from its IPO filings.
  • It failed to disclose risks associated with its lead product candidate, KYV-101.
Investors believe Kyverna misled them by withholding critical information about safety concerns and trial risks related to KYV-101.
Case Type
US Securities Class Action
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements, 
Failure to Disclose
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06/14/2024
Filing date
12/09/2024
Lead Plaintiff Deadline
02/07/2025

Kyverna Therapeutics, Inc.

Kyverna Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing cell therapies for patients suffering from autoimmune diseases. Its lead product candidate is KYV-101, ...

    Ticker
    KYTX.US
    CIK
    1994702
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    5980 Horton Street, Emeryville, CA, United States, 94608