(MENAFN - EIN Presswire) SAN DIEGO, Dec. 15, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Kyverna Therapeutics, Inc. (NASDAQ: KYTX) common stock pursuant and/or traceable to Kyverna's registration statement issued in connection with Kyverna's initial public offering (the"IPO") held on February 8, 2024, have until February 7, 2025 to seek appointment as lead plaintiff of the Kyverna class action lawsuit. Captioned Rondini v. Kyverna Therapeutics, Inc., No. 24-cv-08869 (N.D. Cal.), the Kyverna class action lawsuit charges Kyverna and certain of Kyverna's top current and former executives and directors, as well as certain underwriters of Kyverna's IPO with violations of the Securities Act of 1933.

If you suffered substantial losses and wish to serve as lead plaintiff of the Kyverna class action lawsuit, please provide your information here:

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at ... .

CASE ALLEGATIONS: Kyverna is a clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases. In the IPO, Kyverna offered 14.5 million shares of common stock at a price of $22.00 per share and Kyverna received net proceeds of approximately $296 million.

The Kyverna class action lawsuit alleges that the IPO's offering documents were materially false and misleading and failed to disclose that: (i) Kyverna possessed adverse data related to one of its trials; (ii) the undisclosed adverse data was 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 Kyverna's future operating results; and (iii) Kyverna's discussion of risk factors did not adequately describe the risk posed by Kyverna'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 Kyverna's future results, share price, and prospects.

The Kyverna class action lawsuit further alleges that on June 14, 2024, Kyverna published an investor presentation that disclosed adverse data regarding one of its clinical trials. As these facts emerged, Kyverna's shares fell sharply, according to the complaint. By the commencement of the Kyverna class action lawsuit, Kyverna stock has traded as low as $3.92, a decline of more than 82% from the $22.00 per share IPO price, the complaint alleges.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Kyverna common stock pursuant and/or traceable to the registration statement issued in connection with the IPO to seek appointment as lead plaintiff in the Kyverna class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Kyverna class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Kyverna class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Kyverna class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases - over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
...

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