On March 3, 2017, the initial complaint in this securities class action was filed against NantHealth, Inc. (“NantHealth” or the “Company”), and certain of NantHealth’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose that: (1) defendants had donated funds through nonprofit organizations to the University of Utah for the purpose of funneling those funds back into NantHealth; (2) as such, the Company and defendants participated in the violation of federal tax laws—exposing the Company to possible civil and criminal liability; (3) the Company improperly recorded orders received from the University of Utah as GPS Cancer test orders; (4) as a result, the Company reported false and inflated GPS Cancer order figures for the third quarter of 2016; and (5) as a result of the foregoing, the Company’s financial statements and defendants’ statements about NantHealth’s business, operations, and prospects, were materially false and misleading.
On July 30, 2019, the Court certified the Class consisting of all persons or entities who purchased or acquired NantHealth common stock in or traceable to NantHealth’s June 1, 2016 Initial Public Offering or purchased or acquired NantHealth common stock between June 1, 2016, and May 1, 2017.
Current Status of Case:
On January 31, 2020, the Court issued an order preliminarily approving a settlement of the action. On September 10, the Court granted final approval of the settlement and entered Final Judgment. This action is not active.
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