Kyverna Therapeutics Defeats Claims It Omitted Data From Its IPO

Kyverna Therapeutics Inc. investors didn’t adequately allege the drug developer misled the public by omitting adverse clinical data about a lupus therapy from its initial public offering documents, a federal court ruled.

The investors failed to show that Kyverna, its leadership, and four underwriters “actually knew about or reasonably could have discovered the adverse clinical data omitted from the offering documents” at the time of the IPO, Judge P. Casey Pitts said Monday for the US District Court for the Northern District of California.

A claim for misstatements in a prospectus additionally fails because that section of the Securities Act ...