WASHINGTON -- (Business Wire)
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to
determine whether NantHealth, Inc. (“NantHealth” or the “Company”) and
certain of its officers and directors made false and misleading
statements and/or omissions in violation of Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 or committed violations of Sections
11, 12 and 15 of the Securities Act of 1933.
Several class action lawsuits were filed in the U.S. District Court for
the Central District of California by other law firms on behalf of
purchasers of the common stock of NantHealth, Inc. (NASDAQ: NH) between
June 1, 2016 and March 6, 2017, inclusive (the “Class Period”),
including those who purchased shares pursuant or traceable to the
Company’s initial public offering.
The complaint alleges that NantHealth and certain of its officers and
directors (“Defendants”) misrepresented and/or failed to disclose that:
(1) Patrick Soon-Shiong, CEO of NantHealth, had donated funds through
nonprofit organizations to the University of Utah for the purpose of
funneling those funds back into NantHealth; (2) as such, the Company and
Soon-Shiong participated in the violation of federal tax laws—exposing
the Company to possible civil and criminal liability; (3) the Company
improperly recorded orders received from the University of Utah as
orders of the Company’s GPS Cancer test; (4) as a result, the Company
reported false and inflated GPS Cancer order figures for the third
quarter of 2016; and (5) 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.
On March 6, 2017, the news organization STAT published an article
claiming that Soon-Shiong had donated $12 million to the University of
Utah under a contract that required the University to funnel the money
back to NantHealth. The article alleged that the arrangement violated
federal tax rules and allowed NantHealth to launder money through the
University. The article further alleged that NantHealth misled investors
by inflating orders for its GPS Cancer test when reporting its 3Q 2016
earnings. The price of NantHealth stock fell from $7.17 on March 3, 2017
to $5.50 on March 6, 2017.
Cohen Milstein encourages all investors who purchased NantHealth common
stock pursuant or traceable to the IPO, and/or between June 1, 2016 and
March 6, 2017; or former employees with information concerning this
matter to contact the firm.
If you are a NantHealth shareholder and would like to discuss your right
to recover for your economic loss, you may, without any cost or
obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at
(888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com.
If you wish to serve as lead plaintiff, you must move the Court no later
than May 8, 2017 to request appointment. Any member of the proposed
class may retain Cohen Milstein or other attorneys to serve as your
counsel in this action, or you may do nothing and remain an absent class
member.
Cohen Milstein has significant experience in prosecuting investor class
actions and actions involving securities fraud, and is active in major
litigation pending in federal and state courts throughout the nation.
Cohen Milstein has taken a lead role in numerous important cases on
behalf of defrauded investors, and has been responsible for a number of
outstanding recoveries which, in the aggregate, total billions of
dollars. Prior results do not guarantee a similar outcome. For more
information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with
regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Ryan Marchbank
Cohen Milstein Sellers &
Toll PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com;
rmarchbank@cohenmilstein.com
Attorney Advertising
View source version on businesswire.com: http://www.businesswire.com/news/home/20170413006144/en/
Contacts:
Cohen Milstein Sellers & Toll PLLC
Steven J. Toll, Esq.,
888-240-0775 or 202-408-4600
stoll@cohenmilstein.com
or
Ryan
Marchbank, 888-240-0775 or 202-408-4600
rmarchbank@cohenmilstein.com
Source: Cohen Milstein Sellers & Toll PLLC
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