NEW YORK, NY / ACCESSWIRE / April 22, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed against NantKwest, Inc. ("NantKwest" or the "Company") (NASDAQ: NK) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 16-cv-01947, is on behalf of a class consisting of all persons or entities who purchased NantKwest securities between September 10, 2015 and March 10, 2016 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased NantKwest securities during the Class Period, you have until May 23, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
NantKwest, a biotechnology company, develops immunotherapeutic agents for various clinical conditions. The Company also holds right to commercialize a range of genetically modified derivatives that kills cancer and virally infected cells.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) NantKwest's financial statements contained errors related to stock-based awards to the Company's Chief Executive Officer and Executive Chairman defendant Patrick Soon-Shiong ("Soon-Shiong"); (ii) NantKwest'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 ("GMP") facilities; (iii) the Company lacked effective internal financial controls; and (iv) as a result of the foregoing, NantKwest's public statements were materially false and misleading at all relevant times.
On March 11, 2016, NantKwest announced that the Company's interim financial statements for the quarters ended June 30, 2015 and September 30, 2015 should no longer be relied upon due, in part, to the combined effect of financial statement errors primarily attributable to certain stock-based awards to defendant Soon-Shiong and build-to-suit lease accounting related to one of its research and development and GMP facilities.
On this news, NantKwest stock fell $0.28, or 3.31%, to close at $8.17 on March 11, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP