U.S. Court of Appeal for the Ninth Circuit. (Photo: Jason Doiy/ALM) 9th Circuit Rejects Securities Allegations Against Biotech Company's COVID-19 'Cure' Claim
"It seems likely that the bump in the price of Sorrento's stock in the week of May 15 provided it with more revenue from its agreement with Anarki to purchase stock, but Zenoff does not allege any particular improper or inflated sales. Indeed, as defendants note, Zenoff identifies no individual stock sales at all," Judge Consuelo Callahan wrote on behalf of the court.
March 28, 2024 at 04:52 PM
5 minute read
Securities Litigation
The U.S. Court of Appeals for the Ninth Circuit dismissed a securities fraud suit against biopharmaceutical company Sorrento Therapeutics, concluding its claims that it found a "cure" for COVID-19, which led to a spike in stock prices, wasn't materially false or misleading.
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