| COMPANY |
Kyverna Therapeutics, Inc |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-08869 |
| JUDGE |
The Hon. Patrick Casey Pitts |
| CLASS PERIOD |
Pursuant and/or traceable to IPO on February 8, 2024 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS FEBRUARY 7, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
Kyverna’s lead product candidate is KYV-101, which is being developed for neurological and rheumatological diseases, including, lupus nephritis, a kidney disease that commonly develops in patients with systemic lupus erythematosus. Kyverna initiated two clinical trials of KYV-101, KYSA-1 and KYSA-3, respectively, to evaluate, among other things, KYV-101’s incidence of adverse events and laboratory abnormalities, the frequency of dose-limiting toxicities, efficacy, and immunogenicity (the ability of a substance to cause an immune response in an organism).
On or about February 8, 2024, 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. Kyverna granted the underwriters a 30-day option to purchase up to an additional 2.175 million shares of its common stock at the Offering Price, less underwriting discounts and commissions. According to the prospectus and registration statements issued in connection with Kyverna’s IPO (the “Offering Documents”), “[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” urine protein creatinine ratio, which measures certain indicators of lupus found in urine.
On June 14, 2024, Kyverna published an investor presentation that disclosed adverse data regarding one of its clinical trials, which was not previously disclosed at the time of the company’s IPO. On this news, the price of Kyverna common stock declined $4.91 per share, or more than 34%, from a close of $14.44 per share on June 13, 2024, to close at $9.53 per share on June 14, 2024.
On the date the complaint was filed, December 9, 2024, Kyverna’s stock price closed at $4.86, over 75% less than its $22 IPO price.
The complaint alleges that, in the Offering Documents, Defendants made materially false and/or misleading statements and/or omissions regarding the company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements regarding, and/or failed to disclose, that: (1) Kyverna possessed adverse data related to one of its clinical trials at the time of its IPO; and (2) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.