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Jiong Shao to step down as CFO at Sorrento Therapeutics (NASDAQ: SRNE), according to a company file.
The actions are down 10.4% after hours.
Shao’s employment with the company “ended in its entirety, effectively immediately” yesterday, according to today’s filing.
Today, the company has appointed Najjam Asghar as its new CFO; he will assume the functions of senior financial director and senior accountant. (He has been an accounting director since June 2019).
News of Shao’s termination closely follows Sorrento’s battle with short seller Hindenburg Research, which casts doubt on the market potential of Sorrento’s COVID-19 saliva test.
This firm quotes a senior Columbia official (from whom Sorrento bought his test for just $ 5 million and royalties) as saying: “It’s a complete joke. Columbia was not under the assumption that they did. involved in a pump-and-dump stock. “
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