A STAT report published March 6 outlined that through three of his foundations, Dr. Soon-Shiong made a $12 million donation to the University of Utah for a genetic research project. However, STAT‘s investigation also claims the donation contract was “worded in a way that left the University of Utah with no other choice” but to funnel $10 million of the gift to NantHealth to pay for genetic sequencing work.
The lawsuit, which was filed on behalf of one investor, alleges Dr. Soon-Shiong violated federal securities laws.
On March 7, the Los Angeles Times published an article in which Dr. Soon-Shiong called STAT‘s claims “maliciously false.” Dr. Soon-Shiong is currently the second-largest shareholder and vice chairman of Tronc, the company that owns the Los Angeles Times. However, a recent Securities and Exchange Commission filing revealed Dr. Soon-Shiong will not stand for reelection to the Tronc board of directors after its annual meeting on April 18.
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