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INVESTOR ALERT: Shareholder Class Action Lawsuit Filed Against Kyverna Therapeutics, Inc. (Nasdaq: KYTX); DiCello Levitt LLP Encourages Investors with Losses to Discuss Their Options with Counsel
Globe Newswire 12-Dec-2024 6:34 PM
SAN DIEGO, Dec. 12, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities who purchased or otherwise acquired Kyverna Therapeutics, Inc. (NASDAQ:KYTX) ("Kyverna" or the "Company") common stock pursuant and/or traceable to the Company's registration statement issued in connection with its initial public offering ("IPO") held on February 8, 2024. The Kyverna lawsuit charges the Company, certain of its current and former senior executives and directors, and the underwriters of Kyverna's IPO with violations of the federal securities laws (collectively, "Defendants").
Kyverna investors have until February 7, 2025 to seek appointment as lead plaintiff of the Kyverna class action lawsuit.
If you purchased or acquired Kyverna common stock pursuant and/or traceable to the Company's registration statement issued in connection with its IPO on February 8, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/kyverna/.
You can also contact DiCello Levitt attorneys Brian O'Mara or Ruben Peña by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
Kyverna is a clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases. During its IPO, Kyverna offered 14.5 million shares of common stock at $22.00 per share, resulting in the Company receiving approximately $296 million in net proceeds.
The Kyverna lawsuit alleges that the IPO's registration statement contained false and misleading statements and/or concealed material adverse facts, including that: (i) Kyverna did not disclose negative information about one of its clinical trials; (ii) the undisclosed negative information was likely to, and eventually did, substantially and negatively affect Kyverna's main product, making the information and trends disclosed in the registration statement, false, misleading, and not indicative of Kyverna's business prospects; (iii) Kyverna's statements about risk factors did not to adequately disclose the risk posed by Kyverna's nondisclosure of adverse information about one of its clinical trials, that other adverse results and trends had already manifested or the probable materially negative effects on Kyverna's future results, share price, and prospects.
The truth began to emerge on June 14, 2024, when Kyverna published an investor presentation that revealed adverse data about one of its clinical trials. The Kyverna lawsuit alleges the Company's shares plummeted after this data was disclosed.
In fact, by the filing of the Kyverna lawsuit, the Company's stock had traded as low as $3.92 per share, a decline of more than 82% from the IPO's price per share.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens' rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.
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