A lawsuit was filed on behalf of investors in NantHealth Inc (NASDAQ:NH) shares over alleged securities laws violations and NASDAQ:NH investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/14/2017 -- An investor, who purchased shares of NantHealth Inc, filed a lawsuit in California over alleged violations of Federal Securities Laws by NantHealth Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of NantHealth Inc (NASDAQ:NH) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
Cluver City, CA based NantHealth, Inc. is a healthcare cloud-based IT company that is engaged in converging science and technology through a single integrated clinical platform, to provide actionable health information at the point of care. NantHealth, Inc Went public in June 2016.
The plaintiff alleges on behalf of purchasers of NantHealth Inc (NASDAQ:NH) common shares in connection with the Company's initial public offering ("IPO") which occurred on or about June 1, 2016 and/or between June 1, 2016, and March 6, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose that Soon-Shiong had donated funds through nonprofit organizations to the University of Utah for the purpose of funneling those funds back into NantHealth, that, as such, the Company and Soon-Shiong participated in the violation of federal tax laws—exposing the Company to possible civil and criminal liability, that the Company improperly recorded orders received from the University of Utah as GPS Cancer test orders, that, as a result, the Company reported false and inflated GPS Cancer order figures for the third quarter of 2016, and that, as a result of the foregoing, the Company's financial statements and Defendants' statements about NantHealth's business, operations, and prospects, were materially false and misleading.
March 6, 2017, a news organization focused on medical industry reporting published an article alleging that NantHealth Inc founder, Patrick Soon-Shiong, had donated $12 million to the University of Utah from three different tax-exempt entities controlled by him under a contract that required the University to funnel most of that money into NantHealth Inc. The report alleged that the scheme allowed NantHealth Inc to inflate the number of test orders it reported to investors.
Shares of NantHealth Inc (NASDAQ:NH) declined from $7.14 per share on March 6, 2017 to as low as $4.54 per share on March 7, 2017.
On March 13, 2017, NASDAQ:NH shares closed at $4.10 per share.
Those who purchased shares of NantHealth Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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