Los Angeles Court Rejects Patrick Soon-Shiong’s Attempt to Avoid Sorrento Litigation Allowing Arbitration Case to Move Forw...
October 15 2019 - 10:36PM
Sorrento Therapeutics, Inc. (NASDAQ: SRNE, "Sorrento") announced
today that a Los Angeles Superior Court judge has rejected Patrick
Soon-Shiong’s attempt to allow him and his company, NantPharma, to
avoid the billion-dollar fraud and breach of contract claims that
Sorrento filed against them earlier this year. Sorrento’s
claims relate to the “catch and kill” scheme that Soon-Shiong
allegedly orchestrated to keep Sorrento’s promising cancer drug,
Cynviloq, off the market in order to preserve Soon-Shiong’s
personal financial interest in another competing drug.
In his ruling, which was dated October 9th but was served upon
Sorrento on October 15th, the Los Angeles Superior Court Judge,
among other things, denied Soon-Shiong’s and NantPharma’s motion to
stay or dismiss Sorrento’s arbitration against them, thus allowing
the case to proceed in full. The Court also granted
Sorrento’s motions to compel Soon-Shiong entity NantCell’s
counterclaims to arbitration, rejecting NantCell’s attempts to
avoid the arbitration agreement it had previously entered into with
Sorrento.
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 the expectations relating
to Sorrento and any litigation commenced, including, but not
limited to, Sorrento’s claims against Patrick Soon-Shiong and
NantCell. 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 and its subsidiaries' litigation,
including, but not limited to, Sorrento’s claims against Patrick
Soon-Shiong and NantCell 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, 2018, 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.
For more information visit www.sorrentotherapeutics.com
More information on Sorrento clinical trials can be found at
www.clinicaltrials.gov
© 2019 Sorrento Therapeutics, Inc. All Rights
Reserved.
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