SRNE
$6.85
Sorrento Therpt
($.08)
(1.15%)
Earnings Details
1st Quarter March 2020
Wednesday, May 27, 2020 6:00:00 PM
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Summary

Sorrento Therpt (SRNE) Recent Earnings

Sorrento Therpt (SRNE) reported a 1st Quarter March 2020 loss of $0.26 per share on revenue of $7.7 million. The consensus estimate was a loss of $0.20 per share on revenue of $10.0 million. Revenue grew 25.7% on a year-over-year basis.

Sorrento Therapeutics Inc is a biopharmaceutical company. It is engaged in the discovery, acquisition, development and commercialization of proprietary drug therapeutics for addressing unmet medical needs in the United States.

Results
Reported Earnings
($0.26)
Earnings Whisper
-
Consensus Estimate
($0.20)
Reported Revenue
$7.7 Mil
Revenue Estimate
$10.0 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Glancy Prongay & Murray LLP, a National Class Action Law Firm, Announces Investigation of Sorrento Therapeutics, Inc. (SRNE) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investor rights law firm, today announced that it has commenced an investigation on behalf of Sorrento Therapeutics, Inc. ("Sorrento" or the "Company") (NASDAQ: SRNE) investors concerning the Company and its officers’ possible violations of the federal securities laws.

If you suffered a loss on your Sorrento investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

On May 15, 2020, the Company announced that it had discovered an antibody which “demonstrated 100% inhibition of SARS-CoV-2 virus infection” and which Sorrento’s CEO called a “cure.”

On this news, Sorrento’s share price rose more than 280%.

Then, on May 20, 2020, Hindenburg Research calling the Company’s claims “too good to be true.” In a report citing former Sorrento employees, Hindenburg Research alleged that it was “too early” to tell whether the Company had found a cure and that "Sorrento's actions are manipulative at the worst possible time and simply amount to an attempt to shamelessly profiteer off the pandemic."

On this new, the Company’s share price fell $0.67 per share, or over 11%, to close at $5.03 per share on May 21, 2020.

Then, on May 22, 2020, BioSpace published an article in which Sorrento’s CEO “insist[ed] that [he] did not say it was a cure.”

Follow us for updates on LinkedIn, Twitter, or Facebook.

Whistleblower Notice: Persons with non-public information regarding Sorrento should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com

Source: Glancy Prongay & Murray LLP