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Case Status:    ONGOING    
On or around 09/20/2017 (Ongoing date of last review)

Filing Date: March 22, 2016

According to the law firm press release, 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; (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 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.

On June 14, 2016, the Court appointed Lead Plaintiff and counsel. Lead Plaintiff filed a consolidated complaint on August 4, 2016.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NK
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 16-CV-01947
JUDGE: Hon. Michael W. Fitzgerald
DATE FILED: 03/22/2016
CLASS PERIOD START: 09/10/2015
CLASS PERIOD END: 03/10/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldberg Law PC
    13650 Marina Pointe Dr. Suite 1404 , Goldberg Law PC , CA 90292
    1-800-977-7401 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 16-CV-01947
JUDGE: Hon. Michael W. Fitzgerald
DATE FILED: 08/04/2016
CLASS PERIOD START: 07/28/2015
CLASS PERIOD END: 03/29/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bragar Eagel & Squire PC
    885 Third Avenue Suite 3040 , Bragar Eagel & Squire PC , NY 10022
    212-308-5858 212-214-0506 ·
  2. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date