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Sorrento Therapeutics, Inc. (NASDAQ: SRNE) Investor Securities Class Action Lawsuit 07/27/2020

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Lawsuit Overview

Company
Sorrento Therapeutics Inc
Security
NASDAQ: SRNE

Case Name
Sorrento Therapeutics Shareholder Class Action Lawsuit 07/27/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of California

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Summary

July 27, 2020 - An investor in shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Sorrento Therapeutics, Inc. in connection with certain allegedly false and misleading statements made between May 15, 2020 and May 22, 2020. 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. According to the complaint the plaintiff alleges on behalf of purchasers of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) common shares between May 15, 2020 and May 22, 2020, that the defendants violated Federal Securities Laws. More specifically, 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.