Nantkwest Inc (NASDAQ: NK) Investor Securities Class Action Lawsuit 03/22/2016

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Company Name(s): 
Nantkwest
Case Name: 
Nantkwest Shareholder Class Action Lawsuit 03/22/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: NK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/22/2016
Class Period Begin: 
07/28/2015
Class Period End: 
03/29/2016
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
05/23/2016
Date Settled: 
01/09/2019
Settlement Amount: 
$12,000,000
Deadline to Participate in Settlement: 
04/26/2019
Settlement Notice: 
Settlement Proof: 
Summary: 

January 9, 2019 - The court preliminarily approved the settlement.

November 9, 2018 - Parties filed a stipulation of settlement.

September 20, 2017 - The court denied defendants' motion to dismiss.

July 31, 2017 - Defendants filed a motion to dismiss.

July 10, 2017 - The lead plaintiffs filed a third amended consolidated complaint.

June 5, 2017 - The lead plaintiff filed a second amended consolidated complaint.

May 16, 2017 - The court granted in part and denied in part defendants' motion to dismiss with leave to amend.

October 5, 2016 - Defendants filed a motion to dismiss.

August 4, 2016 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Nantkwest Inc (NASDAQ: NK) common shares between July 28, 2015 and March 29, 2016. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between July 28, 2015 and March 29, 2016.

June 14, 2016 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

May 23, 2016 - Lead plaintiff motions were filed.

March 22, 2016 - An investor in shares of Nantkwest Inc (NASDAQ: NK) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Nantkwest Inc in connection with certain allegedly false and misleading statements made between September 10, 2015 and March 10, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Nantkwest Inc (NASDAQ: NK) common shares between September 10, 2015 and March 10, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 10, 2015 and March 10, 2016 defendants issued false and misleading statements to investors and/or failed to disclose that Nantkwest Inc’s financial statements contained errors related to stock-based awards to Nantkwest Inc’s Chief Executive Officer and Executive Chairman defendant Patrick Soon-Shiong, that Nantkwest Inc’s financial statements contained errors related to build-to-suit lease accounting related to one of Nantkwest Inc’s research and development and good manufacturing practices facilities, that Nantkwest Inc lacked effective internal financial controls, and that as a result Nantkwest Inc’s public statements were materially false and misleading at all relevant times.

On July 28, 2015, Nantkwest Inc'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 (IPO), raising $207.2 million in new capital.

On March 11, 2016, Nantkwest Inc 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 Inc’s independent registered public accounting firm, that the interim financial statements contained in Nantkwest Inc’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 Inc’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 14, 2016, NASDAQ: NK shares closed at $8.37 per share.