Sorrento to Take Action Against Hindenburg Research for Statements Believed Intended to Manipulate Stock Price
August 12 2020 - 7:51PM
Sorrento Therapeutics, Inc. (NASDAQ: SRNE, "Sorrento") announced
today that it believes it has uncovered fraudulent attempts to
manipulate the Company’s stock.
On August 11, 2020, it was reported that an organization calling
itself “Hindenburg Research” published claims regrading one of
Sorrento’s COVID-19 diagnostic products. The report is believed to
include false and/or misleading statements for the sole apparent
purpose of negatively manipulating the company’s stock price.
Sorrento will collaborate with law enforcement and regulators to
ensure that any criminal activity is investigated and
rectified. Sorrento, through its legal counsel, Paul Hastings
LLP, has demanded that the organization cease and desist from
illegal and wrongful activity and retract false and/or misleading
statements. Sorrento is also considering legal action.
Sorrento Therapeutics remains focused on developing a portfolio
of COVID-19 solutions that spans diagnostics, prevention, early
intervention and rescue therapies, including its rapid on-site
detection test for SARS-CoV-2 Virus in saliva.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical stage, antibody-centric,
biopharmaceutical company developing new therapies to treat
cancers. Sorrento's multimodal, multipronged approach to fighting
cancer is made possible by its extensive immuno-oncology platforms,
including key assets such as fully human antibodies ("G-MAB™
library"), clinical stage immuno-cellular therapies ("CAR-T",
"DAR-T™"), antibody-drug conjugates ("ADCs"), and clinical stage
oncolytic virus ("Seprehvir™", "Seprehvec™"). Sorrento is also
developing potential antiviral therapies and vaccines against
coronaviruses, including COVIDTRAP™, ACE-MAB™, COVI-MAB™,
COVI-GUARD™, COVI-SHIELD™ and T-VIVA-19™; and diagnostic test
solutions, including COVI-TRACK™ and COVI-TRACE™.
Sorrento's commitment to life-enhancing therapies for patients
is also demonstrated by our effort to advance a first-in-class
(TRPV1 agonist) non-opioid pain management small molecule,
resiniferatoxin ("RTX"), and ZTlido® (lidocaine topical system)
1.8% for the treatment of post-herpetic neuralgia. RTX is
completing a phase IB trial for intractable pain associated with
cancer and a phase 1B trial in osteoarthritis patients. ZTlido® was
approved by the FDA on February 28, 2018.
For more information visit www.sorrentotherapeutics.com
Forward-Looking Statements
This press release and any statements made for and during any
presentation or meeting contain forward-looking statements related
to Sorrento Therapeutics, Inc., under the safe harbor provisions of
Section 21E of the Private Securities Litigation Reform Act of 1995
and subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Forward-looking
statements include statements regarding Sorrento’s technologies,
including COVI-TRACE™. Risks and uncertainties that could cause our
actual results to differ materially and adversely from those
expressed in our forward-looking statements, include, but are not
limited to: risks related to Sorrento’s technologies and other
risks that are described in Sorrento's most recent periodic reports
filed with the Securities and Exchange Commission, including
Sorrento's Annual Report on Form 10-K for the year ended December
31, 2019, and subsequent Quarterly Reports on Form 10-Q filed with
the Securities and Exchange Commission, including the risk factors
set forth in those filings. Investors are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this release and we undertake no obligation
to update any forward-looking statement in this press release
except as required by law.
Media and Investor
Relations
Contact: Alexis Nahama, SVP Corporate Development
Telephone: 1.858.203.4120
Email: mediarelations@sorrentotherapeutics.com
Sorrento® and the Sorrento logo are registered
trademarks of Sorrento Therapeutics, Inc.
ZTlido® and G-MAB™ are trademarks owned by Scilex
Pharmaceuticals Inc. and Sorrento, respectively.
Seprehvir®, is a registered trademark of Virttu Biologics
Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and
part of the group of companies owned by Sorrento Therapeutics,
Inc.
All other trademarks are the property of their respective
owners.
© 2020 Sorrento Therapeutics, Inc. All Rights Reserved.
Sorrento Therapeutics (NASDAQ:SRNE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sorrento Therapeutics (NASDAQ:SRNE)
Historical Stock Chart
From Sep 2023 to Sep 2024