NantHealth's Patrick Soon-Shiong sued for alleged securities violations

A single investor is suing the biotech mogul and NantHealth, alleging violation of federal securities laws. Other law firms have also filed class action suits against the company.
By Jessica Davis
11:51 AM
NantHealth Soon-Shiong

Patrick Soon-Shiong, MD

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.

Twitter: @JessieFDavis
Email the writer:

Like Healthcare IT News on Facebook and LinkedIn