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SRNE - Sudden Termination of Sorrento Therapeutics' CFO Pushes Its Stock Lower
Sorrento Therapeutics Inc.
After the market closed on Tuesday, Sorrento Therapeutics(NASDAQ: SRNE) disclosed in an SEC filing that it fired Executive Vice President and Chief Financial Officer Jiong Shao, effective immediately. Shares of the stock down around 11.7% at 1:29 pm on Wednesday.
Najjam Asghar, formerly Sorrento Therapeutics' chief accounting officer, was tapped to fill the void left by Shao's ouster. Asghar was appointed CFO effective Tuesday, just 14 months after he joined the company.