Defendant Name: Kiromic BioPharma, Inc.

Defendant Type: Public Company

Document Reference: 2024-189

Document Details

Legal Case Name In the Matter of Kiromic BioPharma, Inc.
Document Name SEC Charges Kiromic Biopharma and Two Former C-Suite Executives with Misleading Investors About Status of FDA Reviews; SEC Declines to Impose Civil Penalties Against Company Due to its Self-Reporting, Remediation, and Cooperation
Document Date 03-Dec-2024
Document Format Administrative Proceeding
File Number 3-22337
Allegation Type Issuer Reporting and Disclosure
Document Summary On December 3, 2024, the SEC announced that the "Commission today filed settled charges against Houston-based biotherapeutics company Kiromic BioPharma, Inc., its former CEO, Maurizio Chiriva-Internati, and its former chief financial officer, Tony Tontat, for failing to disclose material information about Kiromic's two cancer fighting drug candidates before, during, and after a July 2021 follow-on public offering that raised $40 million."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC

Related Documents:

33-11332 03-Dec-2024 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On December 3, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against Kiromic BioPharma, Inc., stating: "This matter involves violations of the federal securities laws by Kiromic BioPharma, Inc., a publicly traded biotherapeutics company in Houston, Texas that aims to develop and commercialize cell therapies that focus on immuno-oncology. Approximately two weeks before Kiromic raised $40 million through a public offering of company stock on July 2, 2021 (the “Offering”), the U.S. Food and Drug Administration (“FDA”) notified Kiromic that it had placed clinical holds on two Investigational New Drug (“IND”) applications that Kiromic filed in May 2021. However, in public statements and reports filed with the Commission both before and after the Offering, Kiromic made materially false and misleading statements and omissions concerning the status of the FDA’s review of the INDs and the existence of the clinical holds. In addition, Kiromic and its officers made misstatements and omissions to investors on investor roadshow calls prior to the Offering. Kiromic’s conduct violated the antifraud and reporting provisions of the federal securities laws."

Related Actions:

SEC v. Maurizio Chiriva-Internati
Maurizio Chiriva-Internati
In the Matter of Tony Tontat
Tony Tontat