SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Nantkwest, Inc. (NK)

Mar 11, 2016, 12:53 ET from Bronstein, Gewirtz & Grossman, LLC

NEW YORK, March 11, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Nantkwest, Inc. ("Nantkwest" or "the Company") (NASDAQ: NK). Such investors are advised to contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz at info@bgandg.com or 212-697-6484.

This investigation concerns whether Nantkwest and certain of its officers and/or directors have violated the Federal Securities Laws under the Securities Exchange Act of 1934 (the "Exchange Act"). 

On March 11, 2016, Nantkwest announced that its interim financial statements for the quarters ended June 30, 2015 and September 30, 2015 should no longer be relied upon due to the errors in the financial statements, mainly 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. Nantkwest management has announced that these errors were the result of a material weakness in the its internal controls of financial reporting. Nantkwest further stated that "the material weakness, as disclosed in previous filings, is a result of inadequate staffing levels, resulting in insufficient time spent on review and approval of certain information used to prepare our financial statements and the maintenance of effective controls to adequately monitor and review significant transactions for financial statement completeness and accuracy. Management is continuing to assess the effect of the restatement on the Company's internal control over financial reporting and disclosure controls and procedures and expects to report its conclusions regarding these matters in the Company's Annual Report on Form 10-K for the year ended December 31, 2015". 

Following this news, on March 11, 2016, early trading, Nantkwest stock dropped as much as $0.73 or 8.64%, from a previous close on March 10, 2016 of $8.45 per share.

If you are aware of any facts relating to this investigation, or purchased shares of Nantkwest, you can assist this investigation by visiting the firm's website: http://www.bgandg.com/#!nk/sll5d. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz  212-697-6484 | info@bgandg.com

 

SOURCE Bronstein, Gewirtz & Grossman, LLC



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