Haeggquist & Eck, LLP Investigates NantKwest Inc. for Potential Breaches of Fiduciary Duty by Its Board of Directors
July 14 2017 - 9:00AM
Business Wire
Haeggquist & Eck, LLP a shareholder rights litigation firm,
has launched an investigation into possible breaches of fiduciary
duty and other violations of state law by certain members of
NantKwest Inc.’s (NASDAQ: NK) board of directors. NantKwest is a
San Diego-based cancer immunotherapy company that focuses on
attempting to harness “natural killer” cells generated by the
body’s immune system to treat cancer, infectious diseases, and
inflammatory diseases.
In the Company’s first two earnings reports after their July 28,
2015 Initial Public Offering (“IPO”), NantKwest misstated the
amount of compensation that the Company had given to their CEO,
Patrick Soon-Shiong, by approximately $49 million. NantKwest was
forced to restate its financial results for the second and third
quarters of 2015 due to the failure to disclose Mr. Soon-Shiong’s
full executive compensation. These undisclosed expenses
dramatically impacted NantKwest’s financial condition and caused
its stock price to plummet.
Haeggquist & Eck’s investigation focuses on whether certain
members of NantKwest’s Board of Directors breached their fiduciary
duties by failing to disclose the approximately $49 million given
to their CEO in executive compensation following the IPO. A
securities fraud lawsuit is currently pending against the Company,
Mr. Soon-Shiong, and certain members of the NantKwest board in the
United States District Court for the Central District of
California.
NantKwest Shareholders Have Legal Options
Concerned NantKwest shareholders who would like more information
about potential remedies for the alleged misconduct, including
remedies to the Company from the alleged misconduct of its
executives and/or directors, may contact attorneys Amber Eck or
Kathleen Herkenhoff at 619-342-8000, ambere@haelaw.com or
kathleenh@haelaw.com.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual investors in
shareholder derivative lawsuits, and members of the firm have
helped shareholders recover more than $1 billion of value for
themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20170714005071/en/
Haeggquist & Eck, LLP619-342-8000Amber Eck,
ambere@haelaw.comKathleen Herkenhoff, kathleenh@haelaw.com
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