NEW YORK, May 22, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Sorrento Therapeutics, Inc. (“Sorrento” or the “Company”) (NASDAQ: SRNE). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Sorrento and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 15, 2020, Sorrento announced discovery of the STI-1499 antibody, which the Company described as providing “100% inhibition” of COVID-19. Then, on May 18, 2020, Vital Knowledge Media expressed skepticism over Sorrento’s announcement, describing the Company’s statements as “very disingenuous” and stating that “some of the narratives around drugs and vaccines” needed to be tempered. On this news, Sorrento’s stock price fell $0.26 per share, or 3.85%, to close at $6.50 per share on May 18, 2020. Then, on May 20, 2020, Hindenburg Research published a report asserting that Sorrento faced significant solvency concerns ahead of its announcement regarding the STI-1499 antibody, citing statements by former employees, and asserting that “Sorrento’s actions are manipulative at the worst possible time and simply amount to an attempt to shamelessly profiteer off the pandemic.”
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
