The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Settlement of Class Action, you should review the Notice for additional details.
Summary of the Action and Settlement
This Action alleges that NantKwest, certain of its former officers and directors, and the underwriters for NantKwest’s IPO made material misrepresentations in violation of the Securities Act of 1933 in the Registration Statement for NantKwest’s July 28, 2015 IPO. Earlier complaints also alleged violations of the Securities Exchange Act of 1934, for statements made in the Registration Statement and thereafter. On June 14, 2016, pursuant to the lead plaintiff provisions of the Private Securities Litigation Reform Act of 1995 (“PSLRA”), the Court appointed Class Plaintiffs Brayton Li and Donald Hu to be lead plaintiffs, appointed their counsel, Pomerantz LLP and Bragar, Eagel & Squire, P.C., to be co-lead counsel, and appointed Glancy, Prongay & Murray LLP to be liaison counsel.
The purposes of the Notice and this website is to inform you of the proposed $12 million cash Settlement of the Action. Your recovery will depend on the number of shares of NantKwest common stock you, and other Class Members who file claims, purchased and sold and the prices at which you, and the other Class Members who file claims, purchased and sold those shares. Plaintiffs estimate that all 9,531,200 shares issued in NantKwest’s IPO may have been damaged. If so, the estimated average recovery will have an economic value of approximately $1.259 per share, before deduction of Court approved fees and expenses and costs of notice and claims administration. The actual amount disbursed to members of the Class who participate in the Settlement may be more or less than this figure.
The Settlement Class consists of:
All persons who purchased or otherwise acquired NantKwest, Inc. (“NantKwest” or the “Company”) common stock in or traceable to NantKwest’s July 28, 2015 Initial Public Offering (“IPO”)
If you are a member of the Class, your legal rights will be affected whether you act or do not act. Please read the Notice to fully understand your rights and options.
If you are a member of the Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form postmarked on or before April 26, 2019. The Net Settlement Fund (i.e., the Gross Settlement Fund, less: (i) any Fee Award; (ii) taxes and tax expenses associated with the Settlement Fund; (iii) Notice and Administration Expenses; and (iv) any Compensatory Award will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Class. The proposed plan of allocation (“Plan of Allocation”) is attached to the Notice (Page 5).
Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Settlement Administrator by calling toll-free 1-888-663-1726; or emailing firstname.lastname@example.org; or mailing a letter to:
NantKwest Securities Litigation
c/o JND Legal Administration
P.O. Box 91230
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.