An investigation on behalf of current long term investors in Nantkwest Inc (NASDAQ:NK) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:NK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/14/2017 -- Certain directors of Nantkwest are under investigation over potential wrongdoing. The investigation was announced on behalf of current long-term investors in NASDAQ:NK shares concerning potential breaches of fiduciary duties by certain directors of Nantkwest Inc.
Investors who are current long term investors in Nantkwest Inc (NASDAQ:NK) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm for investors in NASDAQ:NK stocks follows a lawsuit filed against Nantkwest Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:NK stocks, concerns whether certain Nantkwest officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that the defendants issued false and misleading statements to investors and/or failed to disclose that NantKwest's financial statements contained errors related to stock-based awards to NantKwest's Chief Executive Officer and Executive Chairman defendant Patrick Soon-Shiong, that NantKwest's financial statements contained errors related to build-to-suit lease accounting related to one of NantKwest's research and development and good manufacturing practices facilities, that NantKwest lacked effective internal financial controls, and that as a result NantKwest's public statements were materially false and misleading at all relevant times.
On July 28, 2015, NantKwest's stock traded as high as $38.48, the same day the Nantkwest Inc sold over 8 million shares of stock in its initial public stock offering (the "IPO"), raising $207.2 million in new capital.
On March 11, 2016, NantKwest announced that the Audit Committee of the Board of Directors of Nantkwest Inc concluded, after discussion with management and Mayer Hoffman McCann P.C., Nantkwest's independent registered public accounting firm, that the interim financial statements contained in Nantkwest's quarterly reports on Form 10-Q for the quarters ended June 30, 2015 and September 30, 2015 should no longer be relied upon due to the combined effect of financial statement errors primarily attributable to certain stock-based awards to Nantkwest's Chief Executive Officer and Executive Chairman and build-to-suit lease accounting related to one of its research and development and Good Manufacturing Practices facilities.
On March 13, 2017, NASDAQ:NK shares closed at $3.92 per share.
Those who purchased shares of Nantkwest Inc have certain options and should contact the Shareholders Foundation.
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