SRNE to Take Action Against Hindenburg Stock Manipulation
Aug 13, 2020 15:04:10 GMT
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Post by highskier on Aug 13, 2020 15:04:10 GMT
Sorrento to Take Action Against Hindenburg Research for Statements Believed Intended to Manipulate Stock Price
Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc.
GlobeNewswire August 12, 2020
SAN DIEGO, Aug. 12, 2020 (GLOBE NEWSWIRE) -- 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.
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.
