NEW YORK and SAN DIEGO, June 02, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of California against Sorrento Therapeutics, Inc. ("Sorrento" or the "Company") (NASDAQ: SRNE) common stock between May 15, 2020 and May 22, 2020, inclusive (the “Class Period”).
All investors who purchased shares of Sorrento Therapeutics, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of youmay,no later than July 27, 2020, request that the Court appoint you lead plaintiff of the proposed class.
CLICK HERE TO JOIN THE CASE
The filed complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose:
- that the Company’s initial finding of “100% inhibition” in an in vitro virus infection will not necessarily translate to success or safety in vivo, or in person;
- the Company’s finding was not a “cure” for COVID-19; and
- as a result of the foregoing, Defendants’ positive statements about the Company’s business operations, and prospects were materially misleading and/or lacked a reasonable basis.
On May 15, 2020, the Company announced that it had discovered an antibody which “demonstrated 100% inhibition of SARS-CoV-2 virus infection” and which Sorrento’s CEO called a “cure.” On this news, Sorrento’s share price rose more than 280%.
Then, on May 20, 2020, Hindenburg Research called the Company’s claims “too good to be true.” In a report citing former Sorrento employees, Hindenburg Research alleged that it was “too early” to tell whether the Company had found a cure and that "Sorrento's actions are manipulative at the worst possible time and simply amount to an attempt to shamelessly profiteer off the pandemic."
On this news, the Company’s share price fell $0.67 per share, or over 11%, to close at $5.03 per share on May 21, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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