Replies to post #14823 on Sorrento Therapeutics Inc (SRNE)

[Here Today]

Virpax slips as court rules in favor of Scilex and Sorrento


Virpax Pharmaceuticals (NASDAQ:VRPX) traded sharply lower Tuesday after announcing that Sorrento Therapeutics (OTCPK:SRNEQ) and its subsidiary Scilex Pharmaceuticals (NASDAQ:SCLX) won a lawsuit against the company.
Sorrento (OTCPK:SRNEQ), which has filed for bankruptcy, and pain-therapy developer Scilex (SCLX) have engaged in a bitter legal dispute with Virpax (VRPX) and its CEO Anthony Mack since 2021.
In a lawsuit in the Delaware Court of Chancery, the plaintiffs alleged that Mack and Virpax (VRPX) breached an agreement that Mack had signed with SRNEQ when he sold Scilex (SCLX) shares. Sorrento (OTCPK:SRNEQ) acquired Scilex (SCLX) in a deal valued at $47.6M in 2016.
Per the terms, Mack agreed to remain as president of Scilex (SCLX) and not commit to another company that rivals Scilex’s (SCLX) pain therapy ZTlido for two years.
According to the lawsuit, Mack and Virpax (VRPX) breached the agreement when the former stepped down from his position at SCLX in 2018 and established Virpax (VRPX).
On Tuesday, Virpax (VRPX) said that the court ruled in favor of the plaintiffs and that the legal proceedings will continue to determine the damages.

[Andecker]

Hey 1776! Andecker here! When did you return? I left about 1 yr ago but peaking in on occasion but seeing same old poo - would leave once again. Not sure what to think here - can't get much worse. I had hoped we would have put feet to fire of those those brokerage houses that may have traded illegally?!!? The POOF - nothing! My only thought right now is - if SRNE didn't have value / things about to happen for us, wouldn't the good Judge Jones have said long ago, "...OK, we are done here. Nothing left to do or slice up. Secured debtors - here is your 10 cents on the $. Common stock holders - well sorry - no parting fits for you of any sort!" I have a glimmer of hope we come out whole w/out a reverse split.
Cheers! Had myself a Coors Banquet this evening and a Drewrys Lager as I watched my Motor City Kitties beat KC.