Investors Reach $12M Deal In Biotech Stock-Drop Case
Law360 (November 13, 2018, 5:26 PM EST) -- A shareholder class claiming biotech company NantKwest hid millions of dollars in executive compensation expenses from investors prior to its 2015 initial public offering has reached a $12 million proposed settlement with the firm, according to a filing in California federal court.
The agreement was the result of seven depositions, 140,000 pages of documents and months of mediation that followed the initial March 22, 2016, filing of the case, according to court-appointed class plaintiffs Brayton Li and Donald Hu in their motion asking U.S. District Court Judge Michael Fitzgerald for preliminary approval Friday.
The class, which Judge Fitzgerald certified in August,...
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