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Lawsuit filed for Investors in shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE)

06-04-2020 03:11 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Sorrento Therapeutics, Inc. (NASDAQ: SRNE) shares.

A lawsuit was filed on behalf of investors in Sorrento Therapeutics, Inc. (NASDAQ: SRNE) shares.

The Shareholders Foundation announced that an investor, who purchased shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE), filed a lawsuit over alleged Securities Laws violations by Sorrento Therapeutics, Inc.

Investors who purchased shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) have certain options and for certain investors are short and strict deadlines running. Deadline: July 27, 2020. NASDAQ: SRNE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Diego, CA based Sorrento Therapeutics, Inc., a clinical stage biopharma company, develops therapies for cancer, autoimmune, inflammatory, and neurodegenerative diseases.

On May 15, 2020, Sorrento Therapeutics, Inc. (NASDAQ: SRNE) announced that it had discovered an antibody that had “demonstrated 100% inhibition of SARS-CoV-2 virus infection.” On that same day, Henry Ji, founder and Chief Executive Officer of Sorrento referred to Sorrento’s breakthrough as a “cure.”

Shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) rose on May 18, 2020 to as high as $10.00 per share.

On May 20, 2020, a report was published doubting the validity of Sorrento’s claims and calling them “sensational,” “nonsense” and “too good to be true.”

Finally, on May 22, 2020, an article was published stating that in a May 21, 2020 interview with Ji and Brunswick, Ji “insist[ed] that they did not say it was a cure.”

Shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) declined on June 3, 2020 as low as $3.84 per share.

The plaintiff claims that between May 15, 2020 and May 22, 2020, Sorrento Therapeutics, Inc. failed to disclose that the Company’s initial finding of “100% inhibition” in an in vitro virus infection will not necessarily translate to success or safety in vivo, or in person, that the Company’s finding was not a “cure” for COVID-19; and (ii) as a result of the foregoing, the lawsuit alleges that Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis in violation of section 10(b) of the Securities Exchange Act of 1934.

Those who purchased shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) have certain options and should contact the Shareholders Foundation.

Media Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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