NEW YORK, Feb. 27, 2018 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Sorrento Therapeutics, Inc. ("Sorrento" or the "Company") (NASDAQ: SRNE). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/srne.
The investigation concerns whether Sorrento and certain of its officers and/or directors have violated federal securities laws.
On February 26, 2018, post-market, Sorrento advised investors that "the Company's unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2017 should no longer be relied upon as a result of the conclusion by the Audit Committee that an other-than-temporary impairment in value had occurred in the Company's equity method investment in Immunotherapy NANTibody, LLC ('NANTibody') for the three and nine months ended September 30, 2017." Specifically, Sorrento disclosed that "[i]n February 2018, NANTibody notified the Company that in July 2017 NANTibody acquired assets from a party related to its 60% owner, NantCell, Inc., for approximately $90 million cash. As a result, the Company reassessed the recoverability of its equity method investment in NANTibody and, on February 26, 2018, the Company and Audit Committee concluded that a previously unrecorded other-than-temporary impairment in value had occurred in its equity method investment in NANTibody as of September 30, 2017." For the foregoing reasons, Sorrento advised investors that the Company would take "a $36.0 million impairment on equity method investment in the Company's condensed consolidated statement of operations for the three and nine months ended September 30, 2017." On this news, Sorrento's share price has fallen sharply during intraday trading on February 27, 2018.
If you are aware of any facts relating to this investigation, or purchased Sorrento shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/srne. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC
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