Bronstein, Gewirtz & Grossman File Class Action Lawsuit Against Kyverna Therapeutics
On January 22, 2025, in the United States District Court for the Southern District of New York, Bronstein, Gewirtz & Grossman, LLC, a well-known law firm, announced the filing of a class action lawsuit against Kyverna Therapeutics, Inc. (“Kyverna” or “the Company”) and certain of its officers. The lawsuit alleges that Kyverna and its officers violated the federal securities laws in connection with the Company’s February 8, 2024, initial public offering (IPO).
Class Definition
The class action seeks to recover damages on behalf of all persons and entities that purchased or otherwise acquired Kyverna securities pursuant to the registration statement and prospectus issued in connection with the Company’s IPO. The complaint alleges that the defendants made false and misleading statements regarding Kyverna’s business, operations, and financial condition.
Impact on Individual Investors
If you purchased or otherwise acquired Kyverna securities during the IPO, you may be a class member in this lawsuit. The class action aims to recover the losses suffered by investors as a result of the alleged securities law violations. If the lawsuit is successful, class members may be entitled to receive compensation for their losses.
Impact on the World
The filing of this class action lawsuit against Kyverna Therapeutics could have significant implications for the biotech industry and the investment community. It highlights the importance of accurate and transparent disclosures in securities offerings. If the allegations are proven true, it could lead to increased scrutiny of IPOs and potentially result in stricter regulations.
Background on Kyverna Therapeutics
Kyverna Therapeutics is a clinical-stage gene therapy company focused on developing and commercializing gene therapies for rare genetic diseases. The Company’s lead product candidate is KYTX-7161, an investigational gene therapy for metachromatic leukodystrophy. Kyverna’s IPO raised approximately $175 million, with the Company’s shares trading at $16 per share.
Allegations in the Complaint
The class action complaint alleges that Kyverna and its officers made false and misleading statements regarding the Company’s clinical trial data, regulatory pathway, and commercial prospects. Specifically, the complaint alleges that Kyverna failed to disclose that KYTX-7161 had not demonstrated statistically significant improvements in motor function in preclinical studies and that the Company’s commercial prospects were uncertain due to competition and regulatory hurdles.
Next Steps
If you purchased or otherwise acquired Kyverna securities during the IPO, you may wish to contact the law firm to discuss your potential role in the class action lawsuit. Class members do not need to take any action at this time, as the litigation progresses. The law firm will provide updates as the case develops.
This is not a solicitation for investment or an offer to provide legal services. Class members are advised to consult with their own investment advisors and legal counsel regarding their rights and options.
Conclusion
The filing of a class action lawsuit against Kyverna Therapeutics and certain of its officers for alleged securities law violations in connection with the Company’s IPO has significant implications for individual investors and the biotech industry. The lawsuit highlights the importance of accurate and transparent disclosures in securities offerings and could potentially lead to increased scrutiny and stricter regulations. If you purchased or otherwise acquired Kyverna securities during the IPO, you may be a class member in this lawsuit and may be entitled to compensation for your losses if the lawsuit is successful.
- Bronstein, Gewirtz & Grossman, LLC files class action lawsuit against Kyverna Therapeutics, Inc. and certain officers.
- Class action seeks to recover damages on behalf of all persons and entities that purchased or otherwise acquired Kyverna securities in connection with the IPO.
- Allegations include false and misleading statements regarding Kyverna’s business, operations, and financial condition.
- Individual investors who purchased or otherwise acquired Kyverna securities during the IPO may be class members and entitled to compensation if the lawsuit is successful.
- Lawsuit has significant implications for the biotech industry and the investment community.
