WILMINGTON, Del., Dec. 28, 2020 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of NantKwest, Inc. (NASDAQGS: NK) (“NantKwest” or the “Company”) relating to the sale of the Company to ImmunityBio, a privately-held company founded and controlled by Dr. Patrick Soon-Shiong, NantKwest’s controlling stockholder who currently controls and owns approximately 64% of NantKwest. The two parties have announced that they reached an agreement in principle pursuant to which ImmunityBio will enter into a reverse merger with NantKwest. Under the terms of the agreement, ImmunityBio shareholders will receive a fixed exchange ratio of 0.8190 shares of NantKwest for each share of ImmunityBio owned. Upon completion of the merger, NantKwest shareholder will only own approximately 28% of the combined company.
Andrews & Springer’s investigation so far has revealed that the consideration NantKwest shareholders are expected to receive is inadequate. Our Firm's investigation so far has discovered that the process leading up to the announcement of the merger appears to have significant conflicts of interest, thus making the process and consideration unfair. Andrews & Springer is also investigating whether the NantKwest directors breached their fiduciary duties by failing to adequately shop the company and maximize shareholder value.
If you own shares of NantKwest and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/nantkwest-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
| Contact: | Craig J. Springer, Esq. |
| cspringer@andrewsspringer.com | |
| Toll Free: 1-800-423-6013 |