SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Sorrento Therapeutics, Inc. - SRNE

NEW YORK, Feb. 27, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Sorrento Therapeutics, Inc. ("Sorrento" or the "Company") (NASDAQ:  SRNE).   Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Sorrento and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On February 26, 2018, post-market, Sorrento advised investors that "the Company's unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2017 should no longer be relied upon as a result of the conclusion by the Audit Committee that an other-than-temporary impairment in value had occurred in the Company's equity method investment in Immunotherapy NANTibody, LLC ('NANTibody') for the three and nine months ended September 30, 2017."  Specifically, Sorrento disclosed that "[i]n February 2018, NANTibody notified the Company that in July 2017 NANTibody acquired assets from a party related to its 60% owner, NantCell, Inc., for approximately $90 million cash.  As a result, the Company reassessed the recoverability of its equity method investment in NANTibody and, on February 26, 2018, the Company and Audit Committee concluded that a previously unrecorded other-than-temporary impairment in value had occurred in its equity method investment in NANTibody as of September 30, 2017."  For the foregoing reasons, Sorrento advised investors that the Company would take "a $36.0 million impairment on equity method investment in the Company's condensed consolidated statement of operations for the three and nine months ended September 30, 2017."  On this news, Sorrento's share price has fallen sharply during intraday trading on February 27, 2018.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com 
888-476-6529 ext. 9980

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SOURCE Pomerantz LLP