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Sorrento Therapeutics falls after CFO’s ouster

August 18, 2020

Jiong Shao is out of the chief financial officer’s role at Sorrento Therapeutics (NASDAQ:SRNE), according to a company filing.

Shares are down 10.4% after hours.

Shao’s employment with the company “terminated in its entirety, effectively immediately” yesterday, according to today’s filing.

Today the company has named Najjam Asghar as its new CFO; he’ll take over the duties of principal financial officer and principal accounting officer. (He’s been chief accounting officer since June 2019).

The news of Shao’s termination comes closely on the heels of Sorrento’s battle with short seller Hindenburg Research, which cast doubt on the market potential of Sorrento’s COVID-19 saliva test.

That firm quotes a senior official at Columbia (from which Sorrento bought its test for just $5M and royalties) saying “It’s a complete joke. Columbia wasn’t under the assumption they were getting involved in a stock pump-and-dump.”

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