NantHealth's Patrick Soon-Shiong sued for alleged securities violations
Biotech mogul and NantHealth founder Patrick Soon-Shiong and NantHealth are being sued in federal court by one investor who alleges Soon-Shiong violated federal securities laws, according to Stat.
A single investor filed the lawsuit, but the complaint said the legal team may ask a judge to expand it to a class action suit if additional investors come forward.
The lawsuit appears to be in response to this week’s Stat report that revealed how Soon-Shiong used a $12 million donation to the University of Utah to direct about $10 million back to NantHealth.
The stock plummeted 35 percent as a result. At the time of publication, the stock is selling at $4.52 a share.
Two other law firms have also filed class action lawsuits against Soon-Shiong and NantHealth.
Several other law firms have also filed class action lawsuits against NantHealth this week, alleging false and/or misleading statements in the run-up to its IPO.