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 ‘cannot state an actionable material misstatement of fact under federal securities law.’” The appellate court further said: May 15, 2020, press release cited in Zenoff complaint. (PDF) Zenoff contends that Sorrento “told the Official Tectonicromance Catching Smoke Shirt also I will do this world multiple whoppers” concerning a 100 cure for COVID-19. While Defendants’ enthusiasm for STI-1499 might have been overblown, in context, their statements were not materially misleading. And Even if the Defendants’ statements could be construed to be misleading, Zenoff would still not be entitled to relief unless his allegations raised the requisite strong inference of scienter. Plaintiff Zenoff had noted that, in March 2020, Sorrento’s independent auditor had issued a “going concern” qualification to its 2019 audit opinion noting Sorrento’s high cash burn rate and overleveraged capital structure. Sorrento’s 2019 Form 10-K filed with the Securities and Exchange Commission also had indicated that if it could not raise sufficient financing for its day-to-day operations, it would have to shut down, courts were told. The appeals court’s opinion shrugged off Zenoff’s suggestion that the “cure” coverage was meant to shore up its bottom line. “Although Sorrento’s financial situation

was clearly helped by the Official Tectonicromance Catching Smoke Shirt also I will do this market’s response to the announcement of the development of STI-1499, Sorrento had taken steps to meet its ‘dire financial situation’ well before the announcements of STI-1499,” the 9th Circuit said. “It seems likely that the bump in the price of Sorrento’s stock in the week of May 15 provided it with more revenue from its agreement with Anarki to purchase stock, but Zenoff does not allege any particular improper or inflated sales.” The appeals court concluded that in spring 2020, “the possibility of a cure for COVID-19 generated many innocent explanations for Defendants’ statements and the market’s reaction to those statements.” Sorrento Therapeutics, Inc. at 9380 Judicial Drive, San Diego, CA 92121, is permanently laying off 62 employees, and at 5340 Eastgate Mall, San Diego, CA 92121, is permanently laying off 15 employees. Both layoffs were scheduled for February 20, 2024, in California 77 employee… — Joseph Angelo (@Beachdudeca) February 21, 2024 Two weeks ago, Reuters reported that a federal judge said Sorrento Therapeutics may continue its Chapter 11 bankruptcy case in Texas. Sorrento filed for bankruptcy in February 2023, and transferring the case now, as the company nears a final sale of its assets, would be inefficient, ruled U.S. Bankruptcy Judge Christopher Lopez in Houston. On Monday, Sorrento stock closed at less than 1 cent per share. Advertisement Advertisement TAGGED: 9th U.S. Circuit Court of Appeals, Andrew Zenoff, COVID-19, Sorrento Therapeutics

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