Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Kyverna Therapeutics, Inc. (“Kyverna” or the “Company”) KYTX common stock pursuant and/or traceable to the Registration Statement issued in connection with the Company’s February 2024 initial public offering (the “IPO” or the “Offering”). Kyverna investors have until February 7, 2025 to file a lead plaintiff motion.
Investors suffering losses on their Kyverna investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On or about February 8, 2024, Kyverna conducted its IPO selling 14.5 million shares of common stock for $22.00 per share.
On June 14, 2024, Kyverna provided an update on its lupus nephritis drug, KYV-101, and published an investor presentation disclosing adverse data regarding one of its clinical trials, despite having previously touted patient improvement.
Investors have suffered significant losses since the IPO. At the time of filing, Kyverna’s stock price traded as low as $3.92 per share, more than 82% the IPO price.
The complaint filed in this class action alleges that in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) adverse data it possessed related to one of its trials; (2) the risk posed by the Company’s withholding of adverse data regarding one of its clinical trials; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Kyverna securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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