New York, New York--(Newsfile Corp. - May 26, 2020) - Levi & Korsinsky notifies investors that it has commenced an investigation of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) ("Sorrento" or "the Company") concerning possible violations of federal securities laws.
On May 15, 2020, Sorrento announced that its STI-1499 antibody had "demonstrated in preclinical experiments: 100% inhibition of SARS-CoV-2 virus infection of healthy cells after four days incubation." Following this announcement, the Company's stock price spiked as much as 243%. However, on May 20, 2020, Hindenburg Research published a report accusing Sorrento of attempting to benefit from the current global pandemic with unfounded claims. The report quoted a former Sorrento VP who suggested "extreme skepticism regarding any claims made by Sorrento."
Following this report, Sorrento's stock price dropped 11.75%, and Hindenburg Research stated that it believes the price will soon decline further.
To obtain additional information, go to:
https://www.zlk.com/pslra-1/sorrento-therapeutics-inc-information-request-form
or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56571
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