Notice of Lead Plaintiff Deadline for Shareholders in the Sorrento Therapeutics, Inc. Class Action Lawsuit

Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Southern District of California on behalf of purchasers of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) common stock between May 15, 2020 and May 22, 2020 (the “Class Period”). The case is captioned Wasa Medical Holdings v. Sorrento Therapeutics, Inc., No. 20-cv-00966, and is assigned to Judge Battaglia. The Sorrento Therapeutics class action lawsuit charges Sorrento Therapeutics and two of its officers with violations of the Securities Exchange Act of 1934.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Sorrento Therapeutics common stock during the Class Period to seek appointment as lead plaintiff in the Sorrento Therapeutics class action lawsuit. A lead plaintiff acts on behalf of all other class members in directing the Sorrento Therapeutics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Sorrento Therapeutics class action lawsuit. An investor’s ability to share in any potential future recovery of the Sorrento Therapeutics class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Sorrento Therapeutics class action lawsuit or have questions concerning your rights regarding the Sorrento Therapeutics class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [e-mail]. Lead plaintiff motions for the Sorrento Therapeutics class action lawsuit must be filed with the court no later than July 27, 2020.

Sorrento Therapeutics is a biopharmaceutical company. On May 8, 2020, Sorrento Therapeutics announced a collaboration with Mount Sinai Health System for the purpose of “generat[ing] antibody products that would act as a ‘protective shield’ against SARS-CoV-2 coronavirus infection, potentially blocking and neutralizing the activity of the virus in naïve at-risk populations as well as recently infected individuals.”

On May 15, 2020, Sorrento Therapeutics announced that it had discovered an antibody that had “demonstrated 100% inhibition of SARS-CoV-2 virus infection.” On that same day, Sorrento Therapeutics’ founder and Chief Executive Officer, defendant Henry Ji, referred to the Company’s discovery as a “cure.” The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company’s purported “cure” for COVID-19, including that the Company’s initial finding of “100% inhibition” in an in vitro virus infection would not necessarily translate to success or safety in vivo, or in person, and that it was not a “cure” for COVID-19. As a result of defendants’ false statements and/or omissions, the price of Sorrento Therapeutics stock was artificially inflated to an intraday high of $10 per share during the Class Period.