SAN FRANCISCO, April 08, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts NantKwest, Inc. (NASDAQ:NK) investors of the May 23, 2016 lead plaintiff deadline in the securities class action lawsuit related to the Company’s improper accounting related in part to stock-based awards to its Chief Executive Officer/Executive Chairman.
If you suffered over $200,000 in losses because of your purchases of NantKwest between September 10, 2015 and March 10, 2016 or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing NK@hbsslaw.com or visiting https://www.hbsslaw.com/cases/NK. The lawsuit was filed in the U.S. District Court for the Central District of California and investors have until May 23, 2016 to move the court to participate as a lead plaintiff.
On March 11, 2016, NantKwest announced that its financial statements for the quarters ended June 30, 2015 and September 30, 2015 were no longer reliable due, in part, to the effects of errors attributable to (a) improper accounting for stock based awards to the Company’s Chief Executive Officer and Executive Chairman, Patrick Soon-Shiong, and (b) improper build-to-suit lease accounting related to one of the Company’s research and development and good manufacturing practices facilities. On this news, NantKwest’s stock price fell $0.28, or 3.31%, to close at $8.17 per share on March 11, 2016.
The class action complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (a) NantKwest’s financial statements contained errors related to stock based awards to Patrick Soon-Shiong; (b) the Company’s financial statements contained errors related to build-to-suit lease accounting related to one of the Company’s research and development and good manufacturing practices facilities; (c) the Company’s internal controls were ineffective; and (d) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Whistleblowers: Persons with non-public information regarding NantKwest should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email NK@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000
