NEW YORK, Dec. 16, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Kyverna Therapeutics, Inc. (“Kyverna” or the “Company”) (NASDAQ:KYTX) securities during the period of February 4, 2024, to December 9, 2024, inclusive (“the Class Period”). Investors have until February 7, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
Kyverna’s lead product candidate is KYV-101. The Company maintains a clinical development program for KYV-101 studying lupus erythematosus, a kidney disease that commonly develops in patients with lupus. Kyverna initiated two clinical trials of KYV-101, KYSA-1, and KYSA-3, respectively, to evaluate among other things, the incidence of adverse events and laboratory abnormalities, the frequency of dose-limiting toxicities, efficacy, and immunogenicity.
On February 8, 2024, Kyverna conducted its IPO (“Initial Public Offering”), offering 14.5 million shares of its common stock to the public at a price of $22 per share (the “Offering Price”) for anticipated proceeds of over $296 million. In their Offering Documents, Kyverna stated that “in early results available as of December 31, 2023, from the first two adult patients enrolled in [their] KYSA-1 LN trial and from the first adult patient enrolled in [their] KYSA-3 LN trial,” the Company “observed improvement in” urine protein creatinine ratio, which measures certain indicators of lupus found in urine. However, unbeknownst to investors, these representations were materially inaccurate, misleading, and/or incomplete because Kyverna did not disclose adverse data regarding one of its trials, even though the adverse data was known the Company at the time of the IPO. As these true facts emerged after the IPO, the Company’s shares fell sharply. As of December 9, 2024, Kyverna’s shares traded as low as $3.92 per share, a decline of more than 82% from the Offering Price.
The lawsuit alleges that the registration statement and prospectus used to effectuate Kyverna’s IPO misstated and/or omitted facts concerning the results of the Company’s ongoing evaluation of KYV-101 in clinical trials. Specifically, the Company touted patient improvement in certain indicators while failing to disclose adverse data.
If you purchased or otherwise acquired Kyverna securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
