Core Viewpoint - A class action lawsuit has been filed against Kyverna Therapeutics, Inc. and its executives for alleged violations of federal securities laws related to its IPO on February 8, 2024, due to misleading statements and undisclosed negative information about clinical trials [1][6]. Group 1: Lawsuit Details - The lawsuit represents all individuals and entities that purchased Kyverna common stock during its IPO, which offered 14.5 million shares at $22.00 per share, raising approximately $296 million in net proceeds [5]. - Investors have until February 7, 2025, to seek appointment as lead plaintiff in the class action lawsuit [2]. Group 2: Allegations Against Kyverna - The lawsuit alleges that the IPO registration statement contained false and misleading statements, including failure to disclose negative information about a clinical trial that adversely affected Kyverna's main product [6]. - It is claimed that the company's risk disclosures were inadequate, failing to address the potential negative impacts on future results and share price due to undisclosed adverse information [6]. Group 3: Impact of Disclosure - The truth about the negative clinical trial data emerged on June 14, 2024, leading to a significant decline in Kyverna's stock price, which fell over 82% to as low as $3.92 per share by the time the lawsuit was filed [7].
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