By Ben Glickman
Sorrento Therapeutics said director Tammy Reilly resigned Oct. 25 citing a lack of communication from the bankrupt company’s chief restructuring officer.
The pharmaceutical company said in a regulatory filing Friday that Reilly also cited the “general operating of the company” and modifications to the company’s directors’ and officers’ insurance policy without board input.
Sorrento’s majority-owned subsidiary, Scilex Holding, on Friday said it had filed an emergency motion in bankruptcy court due to naked short selling, in which the company requested the production of records from certain brokers.
Scilex in June secured a suspension of short sales on some of its stock in bankruptcy court. The bankruptcy court also ordered certain brokerages to produce records related to naked short selling.
Sorrento originally filed for Chapter 11 protections in February.
Write to Ben Glickman at ben.glickman@wsj.com
Read the full article here
