On or around 05/26/2020 (Date of last review)
Filing Date: May 26, 2020
According to the Complaint, Sorrento Therapeutics, Inc. is a biopharmaceutical company. The Company researches human therapeutic antibodies for the treatment of cancer, inflammation, and metabolic and infectious diseases. On May 8, 2020, Sorrento announced a collaboration with Mount Sinai Health System for the purpose of “generat[ing] antibody products that would act as a ‘protective shield’ against SARSCoV-2 coronavirus infection, potentially blocking and neutralizing the activity of the virus in naïve at-risk populations as well as recently infected individuals.”
The Complaint alleges that Sorrento failed to disclose that: (i) 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; (ii) the Company’s finding was not a “cure” for COVID-19; and (ii) as a result of the foregoing, the Complaint alleges that Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis in violation of section 10(b) of the Securities Exchange Act of 1934.
Company & Securities Information
Defendant: Sorrento Therapeutics, Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: SRNE
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Wasa Medical Holdings, et al. v. Sorrento Therapeutics, Inc., et al.
COURT: S.D. California
DOCKET #: 20-CV-00966
JUDGE: Hon. Anthony J. Battaglia
DATE FILED: 05/26/2020
CLASS PERIOD START: 05/15/2020
CLASS PERIOD END: 05/22/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Kirby McInerney LLP
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available