RADNOR, Pa., March 24, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against NantKwest, Inc. (Nasdaq: NK) ("NantKwest" or the "Company") on behalf of purchasers of the Company's securities between September 10, 2015 and March 10, 2016, inclusive (the "Class Period").
NantKwest shareholders who purchased their securities during the Class Period may, no later than May 23, 2016, petition the Court to be appointed as a lead plaintiff of the class. For additional information about this lawsuit, or to request information about this action online, please visit https://www.ktmc.com/new-cases/nantkwest-inc#join.
NantKwest is a biotechnology company that develops immunotherapeutic agents for various clinical conditions.
The complaint alleges that NantKwest and certain of its executive officers made a series of false and misleading statements and failed to disclose material adverse facts about the Company's business and operations to investors during the Class Period. Specifically, the defendants are alleged to have failed to disclose, among other things, that: (i) NantKwest's financial statements contained errors related to stock-based awards made to certain senior executive officers; (ii) NantKwest's financial statements contained errors related to build-to-suit lease accounting related to one of the Company's facilities; and (iii) the Company lacked effective internal financial controls.
On January 25, 2016, NantKwest announced the resignation of its Chief Financial Officer ("CFO"), who had just joined the Company in November 2015. On this news, shares of NantKwest's common stock declined to close at $11.99 per share on January 26, 2016.
Then on March 11, 2016, NantKwest disclosed to investors that its previously issued financial statements for the quarters ended June 30, 2015 and September 30, 2015 should no longer be relied upon and would need to be restated. On this additional news, shares of NantKwest's common stock declined an additional 3.3%, to close on March 11, 2016 at $8.17 per share. The closing price of the Company's stock on March 11, 2016 was over 50% lower than the value of NantKwest's shares during the Class Period.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299–7706 or (610) 667–7706, or via e-mail at info@ktmc.com
NantKwest shareholders who purchased their securities during the Class Period (September 10, 2015 – March 10, 2016) may, no later than May 23, 2016, petition the Court to be appointed as a lead plaintiff of the class.
Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP