Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Kyverna Therapeutics, Inc. (KYTX)

Globe Newswire 10-Dec-2024 2:27 PM

NEW YORK, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Kyverna Therapeutics, Inc. ("Kyverna" or the "Company") (NYSE:KYTX) securities on or after February 8, 2024 to the present (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.

The Complaint alleges that 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, the Complaint alleges that Kyverna possessed critical information that was not disclosed, namely that the Company knew that it possessed adverse data regarding one of its clinical trials. The Complaint further alleges that these undisclosed adverse data were likely to (and in fact, did) materially and adversely affect Kyverna's lead product and rendered the disclosed results and trends in the Registration Statement and Prospectus in connection with the company's Initial Public Offering false, misleading, and not indicative of the Company's future operating results.

The Complaint further alleges that as these true facts emerged after the Offering, the Company's shares fell sharply. The complaint alleges that by the commencement of this action, Kyverna's shares traded as low as $3.92 per share, or more than 82% below the $22 IPO Offering Price.

Investors who purchased or otherwise acquired shares of Kyverna should contact the Firm prior to the February 7, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.