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Update in Lawsuit for Investors in Nantkwest Inc. (NASDAQ: NK) Shares Announced by Shareholders Foundation

SAN DIEGO, CA / ACCESSWIRE / December 12, 2017 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain purchasers of NASDAQ: NK shares against Nantkwest Inc. over alleged violations of Securities Laws.

Investors who purchased shares of Nantkwest Inc. (NK) in 2015 and continue to hold any of those NASDAQ: NK shares should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On July 28, 2015, Nantkwest Inc. sold over 8 million shares of stock in its initial public stock offering (the "IPO").

On March 11, 2016, NantKwest 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's independent registered public accounting firm, that the interim financial statements contained in Nantkwest'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'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 22, 2016, a lawsuit was filed against Nantkwest Inc. over alleged securities laws violations. The plaintiff alleged that the defendants issued false and misleading statements to investors and/or failed to disclose that NantKwest's financial statements contained errors related to stock-based awards to NantKwest's Chief Executive Officer and Executive Chairman defendant Patrick Soon-Shiong, that NantKwest's financial statements contained errors related to build-to-suit lease accounting related to one of NantKwest's research and development and good manufacturing practices facilities, that NantKwest lacked effective internal financial controls, and that as a result NantKwest's public statements were materially false and misleading at all relevant times. On August 4, 2016, a consolidated complaint was filed and on October 6, 2016, the defendants filed their motion to dismiss the case, which the court denied in part on May 16, 2017. On June 5, 2017, a second and on July 10, 2017, a third amended complaint were filed and the defendants filed their motion to dismiss the case on July 31, 2017, which the court denied on September 20, 2017.

Those who purchased Nantkwest Inc. (NK) shares should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

SOURCE: Shareholders Foundation, Inc.