NEWS
Paul Hastings Secures Victory for Kyverna Therapeutics in the Northern District of California
March 25, 2026
Paul Hastings LLP secured a victory for Kyverna Therapeutics (Nasdaq: KYTX), a clinical-stage biopharmaceutical company focused on developing cell therapies to treat patients with autoimmune diseases, in the Northern District of California when the Honorable P. Casey Pitts granted Kyverna’s motion to dismiss in Rondini v. Kyverna Therapeutics, Inc. et al.
On Jan. 8, 2025, a stockholder filed a putative class action complaint against Kyverna, certain of its directors and officers, and the underwriters of Kyverna’s initial public offering, alleging causes of action for violations of Sections 11, 12 and 15 of the Securities Act of 1933, stating that Kyverna misled investors in its IPO by touting promising early clinical trial results for its lead drug candidate — KYV-101, a CAR T-cell therapy.
The court granted Kyverna’s motion to dismiss in late March 2026, stating that the plaintiffs failed to plausibly allege that the defendants violated Section 11, a strict liability statute; the plaintiff failed to state a claim under Section 12(a)(2) because the defendant did not purchase securities directly from the IPO; and the defendant’s Section 15 claim rises and falls with the other claims.
Partner Scott Carlton led the Paul Hastings team, which included of counsel Brian Kaewert.
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