Kyverna Therapeutics Faces Class Action Lawsuit After IPO Setbacks

Shareholders Have Until February 7, 2025, to File Claims

The Law Offices of Frank R. Cruz has announced a class action lawsuit on behalf of individuals and entities who acquired shares of Kyverna Therapeutics, Inc. (“Kyverna” or the “Company”) KYTX as part of its February 2024 initial public offering (the “IPO” or the “Offering”). Investors are encouraged to file a lead plaintiff motion by February 7, 2025.

Kyverna’s IPO launched on February 8, 2024, where it successfully sold 14.5 million shares at $22.00 each.

However, on June 14, 2024, the company released an investor presentation regarding its lupus nephritis drug, KYV-101. This presentation highlighted adverse data from a clinical trial, contradicting earlier reports of positive patient outcomes.

Since the IPO, investors have experienced drastic losses, with Kyverna’s stock dropping to a low of $3.92 per share—more than 82% lower than the IPO price.

The lawsuit claims that during this period, the defendants provided materially false or misleading statements while failing to disclose critical adverse information regarding the Company’s operations and future prospects. Specifically, the lawsuit alleges that crucial adverse trial data was withheld from investors, and as a result, the positive claims made about the Company’s business were misleading or unfounded.

For Kyverna shareholders seeking further information or wishing to participate in the lawsuit, they can reach out to Frank R. Cruz at The Law Offices of Frank R. Cruz, located at 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067. They can also call 310-914-5007, email info@frankcruzlaw.com, or visit www.frankcruzlaw.com for more details.

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