Patrick Soon-Shiong

Cher accuses L.A. billionaire Patrick Soon-Shiong of stock sale fraud. She sold willingly, suit defendants say

Cher accuses L.A. billionaire Patrick Soon-Shiong of stock sale fraud. She sold willingly, suit defendants say

Performer Cher is suing Los Angeles billionaire Patrick Soon-Shiong, alleging he and others duped her into selling shares in a promising drug company at a fraction of the stock’s value.

In January 2016, Cher sold her shares in a Florida-based biopharmaceutical company, Altor, at $1.50 each — for a total of $450,000 — for “an unreasonably below-market price,” according to a lawsuit filed in Los Angeles County Superior Court on Friday. Cher sold her shares back to the company.

Soon-Shiong, through his firm NantCell, acquired the outstanding shares of Altor in 2016 for...

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