A securities class action has been filed in the USDC — N.D.CA. against Kyverna Therapeutics, Inc. (KYTX) (“Kyverna”, or the “Company”), on behalf of all those that purchased or otherwise acquired Kyverna common stock issued in connection with the Company’s initial public offering (the “IPO” or the “Offering”).
Kyverna, headquartered in Emeryville, California, is a clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases. The Company’s cell therapy approach to treating autoimmune diseases focuses on multiple autoimmune case studies using CD19 chimeric antigen receptor (“CAR”) Tcell treatment, a type of immunotherapy that genetically modifies T cells, which are a type of white blood cell called lymphocytes, to target CD19 on the surface of malignant B cells, another lymphocyte.
The claim arises on or about February 8, 2024, when Kyverna conducted its IPO, 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.
The complaint alleges that the Offering Documents were negligently prepared. Specifically, Kyverna failed to disclose adverse data it possessed related to one of its trials. 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 Offering Documents false, misleading, and not indicative of the Company’s future operating results. Additionally, Kyverna’s discussion of risk factors did not adequately describe the risk posed by the Company’s withholding of adverse data regarding one of its clinical trials, nor the other already occurring negative results and trends, nor the likely and consequent materially adverse effects on the Company’s future results, share price, and prospects.
As a result, Kyverna’s shares traded as low as $3.92 per share, a decline of more than 82% from the Offering Price.
If you purchased Kyverna common stock issued in connection with the Company’s initial public offering (the “IPO” or the “Offering”)and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information.”
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