NEW ORLEANS–(BUSINESS WIRE)–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Sorrento Therapeutics, Inc. (NasdaqGS: SRNE).
On May 15, 2020, news sources reported that the Company had announced discovery of the STI-1499 antibody, which it described as providing “100% inhibition” of the COVID-19 virus. On the same day, the company’s founder and Chief Executive Officer Henry Ji was quoted in a media report characterizing that development as a “cure.” Over the next several days, investor media sources expressed intense skepticism on the Company’s claims, including Hindenburg Research, which reported that Ji had “walked back his comments about having a cure” in an interview with BioSpace, an online life science industry news outlet.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether Sorrento’s officers and/or directors breached their fiduciary duties to Sorrento’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Sorrento shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqgs-srne/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.