Biotech Billionaire Soon-Shiong Sued Over ImmunityBio Stock Move

Biotech billionaire Patrick Soon-Shiong was accused in a shareholder lawsuit of misleading ImmunityBio Inc. investors about the prospects of the company’s flagship cancer drug in order to enrich himself at their expense.

The shareholder claims that Soon-Shiong duped investors into believing that bladder cancer drug Anktiva’s chances for regulatory approval were far lower than he knew them to be. The company’s public filings painted a grimmer picture than was warranted, and he used the resulting decline in the company’s stock to unfairly reap millions of dollars when the shares bounced back, according to the lawsuit.

Patrick Soon-Shiong

Photographer: David Paul Morris/Bloomberg

“Soon-Shiong exploited the ...