SAN DIEGO, Dec. 10, 2024 /PRNewswire/ -- Robbins LLP announces that a shareholder filed a class action against Kyverna Therapeutics, Inc. (NASDAQ: KYTX) and certain of the Company's senior executives and directors who signed the Registration Statement, effective February 7, 2024, issued in connection with the Company's initial public offering ("IPO"). Kyverna is a clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Kyverna Therapeutics, Inc. (KYTX) Provided Investors with Misleading Information in Connection with its IPO

According to the complaint, the Offering Documents in support of Kyverna's IPO were negligently prepared and were not prepared in accordance with the rules and regulations governing their preparation. The complaint alleges that the Offering Documents stated, "[i]n early results available as of December 31, 2023, from the first two adult patients enrolled in our KYSA-1 LN trial and from the first adult patient enrolled in our KYSA-3 LN trial, we observed improvement in UPCR." However, Plaintiff contends this statement, and others, was false and misleading because Kyverna failed to disclose adverse data it possessed related to one of its trials.

By the commencement of this action, Kyverna's shares traded as low as $3.92 per share, a decline of more than 82% from the Offering Price.

What Now: You may be eligible to participate in the class action against Kyverna Therapeutics, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 7, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses. 

About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.  Since our inception, we have obtained over $1 billion for shareholders.

To be notified if a class action against Kyverna Therapeutics, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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SOURCE Robbins LLP