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 San Diego attorney Steven Hubachek (bottom left) argues for plaintiff Andrew Zenoff at Pasadena hearing. Image via YouTube.com Two months after pandemic lockdowns began, San Diego biotech Sorrento Therapeutics put out a hopeful press release on a COVID-19 breakthrough that some took to tout a cure. 9th Circuit opinion affirming San Diego federal court’s dismissal of lawsuit. (PDF) That 1,100-word PR blast of May 15, 2020, didn’t use the Official The Smith Street Band Ain’t No Sunshine In Technology Shirt in contrast I will get this word “cure,” but the stock market read between the lines — and favorable coverage by Fox News and others. “Sorrento IDs Antibody Against COVID-19 That Appears 100 Effective,” headlined a BioSpace.com story. Sorrento’s share price skyrocketed. As noted in a 9th U.S. Circuit Court of Appeals decision Monday favoring Sorrento, its stock price rose to a daily high of $9 per share — or 243.5 higher than the prior trading day’s close of $2.62 — and its common stock traded at nearly 78 times its daily volume. But five days after the release, others threw cold water on Sorrento’s claims. Its stock price fell from $6.82 a share to $4.55 a share. Investor Andrew Zenoff of Rancho Santa Fe sued the Judicial Drive company 5 minutes north of Westfield UTC mall in a class action May 26, 2020, alleging securities fraud. “The gravamen of the [first amended complaint] was that Sorrento had falsely claimed to have developed a

cure for COVID-19, misleading investors,” wrote Judge Consuelo Callahan for a three-judge panel. The suit stressed CEO Henry Ji’s statements in media articles May 15 that “We want to emphasize there is a cure. There is a solution that works 100 percent,” and “If we have the Official The Smith Street Band Ain’t No Sunshine In Technology Shirt in contrast I will get this neutralizing antibody in your body, you don’t need the social distancing. You can open up a society without fear.” But in San Diego federal court, Judge Anthony J. Battaglia granted Sorrento’s motion to dismiss the case, saying Zenoff had failed to make plausible showings of falsity or scienter — a defendant’s knowledge that their conduct is wrongful and intend to act despite this knowledge. Zenoff appealed and his legal team argued the case Feb. 14 — Valentine’s Day — in Pasadena. But the court showed little love in its ruling Monday affirming the district court’s dismissal of the suit against the company that filed for bankruptcy a year ago. Battaglia found claims of a cure to be “a statement of corporate optimism” — in other words, mere ‘puffery’ which

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