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Sorrento down again as Hindenburg shorts

May 20, 2020

“I suggest extreme skepticism regarding any claims made by Sorrento (NASDAQ:SRNE),” one former employee tells Hindenburg Research. “I would never in my life have put out a press release where I say we have a cure,” says a former executive.

Full report here

Hindenburg claims the company was nearly out of cash and facing solvency concerns ahead of its COVID-19 cure announcement.

Hindenburg: “We believe that Sorrento’s actions are manipulative at the worst possible time and simply amount to an attempt to shamelessly profiteer off the pandemic.”

Shares are down 15% this morning, and now off about 50% from the high hit on Monday.

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