Cher is going after a bio pharmaceutical company, claiming officials there tricked her to sell her stock at a low price only to see the company’s value soar.
Cher says she bought 300,000 shares of Altor in 2013.. but 2 years later a company official spoke to her directly and offered to buy her shares back for $1.50 each. However, according to the docs, he withheld key info about upcoming successful clinical trials of the drugs they were working on for cancer and HIV research.
The singer claims essentially what the guy didn’t tell her was that they had made an incredible breakthrough in both cancer and HIV treatments.
Cher sold the stock and soon after … the price went through the ceiling. Happens to everyone who invests in stocks, right?
She’s suing for unspecified damages. Poor old Cher unfortunately missed out on making millions off the health care system and she is mighty pissed off about it. I thought Cher tweeted healthcare was supposed to be free for everyone?
Cher alleges fraudulent concealment and breach of fiduciary duty. In addition to Soon-Shiong, defendants include Altor Acquisition LLC, Altor cofounder Hing C. Wong and Fred Middleton, a vice chairman of Altor’s board. The suit asks for damages and attorney fees and costs.
“Cher decided to sell her shares in January 2016 [after] she made a substantial profit in less than three years,” Middleton said. “Her decision to sell was completely discretionary as she was under no duress to sell.”
“The lawsuit has no merit. We intend to vigorously defend against it,” Soon-Shiong’s spokesman, Michael Sitrick, said in a statement.
Source – TMZ