The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) who purchased shares between May 15, 2020 and May 22, 2020. The action, which was filed in the United States District Court for the Southern District of California, alleges that the Company violated federal securities laws.
In particular, the Sorrento lawsuit alleges that (i) the Company’s initial finding of “100% inhibition” in an in vitro virus infection will not necessarily translate to 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, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until July 27, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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