Biotech Firm NantHealth's CEO Can't Escape Stockholder Suit

Law360 (January 14, 2020, 10:34 PM EST) -- The billionaire founder and CEO of biotech startup NantHealth Inc. was left as the lone defendant in a shareholder derivative suit over a research deal in Delaware Chancery Court on Tuesday after the chancellor dismissed the six other directors and former officers due to lack of evidence.

Patrick Soon-Shiong will have to face his stockholders' claims that he orchestrated a scheme in which he funneled a contribution from his nonprofit organizations to NantHealth using a purported research deal at the University of Utah in order to boost perceived demand for NantHealth's diagnostic product, GPS Cancer.

Chancellor Andre G. Bouchard excused two...

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