NEW YORK, April 20, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, announces that a federal securities lawsuit has been filed against NantHealth, Inc. (NASDAQ: NH) ("NantHealth" or the "Company"), a corporation headquartered in California and incorporated in Delaware, and certain of its senior officers and directors. If you purchased NantHealth stock (1) pursuant and/or traceable to the Company's initial public offering ("IPO") on or about June 1, 2016; and/or (2) between June 1, 2016 and March 6, 2017, you are encouraged to contact a Scott+Scott attorney toll free at (844) 818-6980 for more information.
The lawsuit alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose: (1) that Company founder Patrick Soon-Shiong had donated funds through nonprofit organizations to the University of Utah for the purpose of funneling those funds back into NantHealth; (2) that, as such, the Company and Soon-Shiong participated in the violation of federal tax laws—exposing the Company to possible civil and criminal liability; (3) that the Company improperly recorded orders received from the University of Utah as GPS Cancer test orders; and (4) as a result, the Company reported false and inflated GPS Cancer order figures for the third quarter of 2016.
On March 6, 2017, STAT, a news organization focused on medical industry reporting, published an article on these issues. As a result, NantHealth's share price fell from $5.50 per share to $1.67 per share, a one-day decline of approximately 23%—this amounted to a 60% decline from the IPO price of $14.00 per share.
What You Can Do
If you purchased NantHealth stock between June 1, 2016 and March 6, 2017 and you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at email@example.com. Shareholders have until May 8, 2017 to petition the court for lead plaintiff status.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Scott+Scott, Attorneys at Law, LLP
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SOURCE Scott+Scott, Attorneys at Law, LLP