Sorrento Therapeutics Inc (SRNE)

[XenaLives]

This is very interesting - not sure now it relates to SRNE...

But it is obvious that there is a subtext here and Soon-Shiong is involved. I'd love to hear from anyone who knows more.

Soon-Shiong seems to be a real crook....

Excerpt

3. The core issue in Count I concerns Section 5.2 of the Rights Agreement. That provision requires the Financing Account to be "established and maintained by NantCell on behalf of the Company." The term "maintained" is not defined in the Rights Agreement. A reasonable interpretation of that term in the context of the agreement is that NantCell agreed to preserve the Transaction proceeds in the Financing Account and only would withdraw funds from the Financing Account to transfer them to the Operating Account in amounts necessary to satisfy certain specified obligations, e.g., funds sufficient to satisfy three months of budgeted expenses. NantCell did not operate the Financing Account in this manner. To the contrary, Soon-Shiong, NantCell's controller, withdrew $47 million of the $50 million in Transaction proceeds within thirty days of the Transaction. Accordingly, plaintiff has advanced a reasonable interpretation of Section 5.2 to state a claim for relief and preclude dismissal of that aspect of Count I as to NantCell.

https://casetext.com/case/feldman-ex-rel-precision-biologics-inc-v-patrick-soon-shiong-charles-kim-christian-zapf-nantcell-inc