SAN FRANCISCO, April 22, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is investigating expanding the NantKwest, Inc. (NASDAQ:NK) class period to begin on July 27, 2015, the initial public offering (“IPO”) effective date based on Nantkwest’s admitted improper accounting and recent restatements significantly increasing historical net losses.
If you suffered over $200,000 in losses based on purchases of NantKwest securities between July 27, 2015 IPO 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. The current class period begins on September 10, 2015.
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 to, in part, its improper accounting for stock based awards to the CEO/Executive Chairman and for a build-to-suit lease. On this news, NantKwest’s stock price fell $0.28, or 3.31%, to close at $8.17 per share on March 11, 2016.
On March 30, 2016, NantKwest filed its 2015 Form 10-K with the SEC. The Company restated its net losses for the: (a) three months ended June 30, 2015 from $84.581 million to $130.853 million, or over 54% more than originally reported; (b) six months ended June 30, 2015 from $117.406 million to $163.678 million, or over 39%; (c) three months ended September 30, 2015 from $42.649 million to $46.321 million, or over 8%; and, (d) nine months ended September 30, 2015 from $160.055 million to $209.999 million, or over 31% .
“We’re investigating whether the Class Period should begin as early as July 27, 2015 since NantKwest’s June 30, 2015 financial results were likely known before IPO effective date,” said Hagens Berman partner Reed Kathrein.
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
