Cases
Sudunagunta v. NantKwest, Inc.
Securities Class Action
Overview
Overview
- Date:
- 11/9/2017
- Company Name:
- NantKwest, Inc.
- Stock Symbol:
- NK
- Status:
- Settled
- Settlement Status:
- Settled
- Court:
- U.S. District Court: Central California
Prosecuted class claims for violations of securities laws in connection with NantKwest, Inc.'s initial public offering of stock.
The complaint alleged that NantKwest made false and 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 Chairman, Patrick Soon-Shiong; (ii) NantKwest's financial statements contained errors related to build-to-suit lease accounting at one of the company's research and development and good manufacturing practices 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.
The complaint alleged that NantKwest made false and 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 Chairman, Patrick Soon-Shiong; (ii) NantKwest's financial statements contained errors related to build-to-suit lease accounting at one of the company's research and development and good manufacturing practices 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.
Case Updates
U.S. District Judge Michael W. Fitzgerald of the United States District Court for the Central District of California denies NantKwest’s motion to dismiss in Sudunagunta v. NantKwest, Inc
Bragar Eagel & Squire, P.C. announces that U.S. District Judge Michael W. Fitzgerald of the United States District Court for the Central District of California denied NantKwest’s motion to dismiss in Sudunagunta v. NantKwest, Inc., Case No. 16-cv-01947-MWF-JEM. The lawsuit seeks to recover damages associated with NantKwest’s alleged false and misleading statements and omissions regarding its financial statements and executive compensation. Bragar Eagel & Squire will continue to dedicate its efforts towards the successful prosecution of this lawsuit.
For additional information, please contact Brandon Walker, Esq. at (212) 308-5858.
Bragar Eagel & Squire, P.C. appointed Co-Lead Counsel in the action Sudunagunta v. NantKwest, Inc.
Bragar Eagel & Squire, P.C. announce that it was appointed Co-Lead Counsel in the action Sudunagunta v. NantKwest, Inc., Case No. 16-cv-01947-MWF-JEM, United States District Court for the Central District of California. Plaintiff commenced this action on behalf of all persons who purchased or otherwise acquired NantKwest, Inc. (“NantKwest”) securities between September 10, 2015 and March 10, 2016. Plaintiffs allege that Defendants violated federal securities laws by materially false and misleading statements in its financial statements and other public statements.
For additional information, please contact Brandon Walker, Esq. at (212) 355-4648.
Prior results do not guarantee a similar outcome.