Performer Cher has filed a lawsuit against Los Angeles billionaire Patrick Soon-Shiong alleging he and others tricked her into selling her shares in a Florida-based drug company for a fraction of what they were worth. Cher sold her shares in Altor back to the company early last year at $1.50 each for a total of $450,000—a price the lawsuit describes as “unreasonably below-market.” In the lawsuit filed Friday, Cher says that when she was asked to sell her shares back, she was not informed the drug company was making progress with a drug in clinical trials for treating cancer and AIDS/HIV. Soon-Shiung, who acquired the outstanding shares of Altor in 2016 through NantCell, is named in the suit along with Altor cofounder Hing C. Wong and Fred Middleton, a vice chairman of the company’s board. The lawsuit, which alleges fraudulent concealment and breach of fiduciary duty, seeks damages and attorney fees and costs.
Read it at Los Angeles TimesArchive
Cher Sues LA Billionaire Over Alleged Stock Sale Fraud
LEGAL BATTLE
The performer says she was duped into selling shares far below the market rate.
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