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The lawsuit accuses Sorrento Therapeutics of violating the U.S. Securities Exchange Act, and Dr. Henry Ji, the company's founder and chief executive, announced on May 15th that he had made a major breakthrough and had found an antibody that 100 percent effectively blocks and removes the new coronavirus. On May 15,
, Sorrento Therapeutics said its scientists believe dissonant has found the first antibody for the new coronavirus, STI-1499, which will be used in a cocktail therapy called COVI-SHIELD.
followed, Sorrento Therapeutics shares soared.
the lawsuit said the company's shares rose sharply on the day (May 15) from $2.62 to $6.76 a share.
rose as high as $10 on the next trading day (May 18), but quickly fell to $4.62 (close on June 12).
the lawsuit alleges that Sorrento Therapeutics concealed the following facts: (i) Sorrento exaggerated the prospect that STI-1499 antibodies were used to completely suppress the new coronavirus;
Sorrento Therapeutics was founded in 2006 and is one of the founders of Dr. Ji Hongjun, a Chinese," and was the company's founding chief scientist.
another founder, Antonius Schuh, is the company's chairman and CEO.
2011, Antonius Schuh chose to leave Sorrento, where ji Hongjun, one of its founders, took over as company's chief executive.
before starting Sorrento, Ji Hongjun had been in the start-up between the two companies for many years.
graduated from HaiFudan University with a degree in biochemistry, and came to the University of Minnesota in the 1980s to study for a Ph.D. in animal physiology.
after ji Hongjun began his biopharmaceutical career.
its co-founder, Stratagene Corporation, was acquired by Agilent in 2001.
, mr. Ji served as vice president and president of Combi Matrix and BioVintage before starting Sorrento, but neither was able to last long.
finally ji Hongjun is back on the road to entrepreneurship.
this time he started his business, and he has been here for 14 years.
.