Cher Says She Was Cheated Out Of Millions Of Dollars By LA Times Owner
Cher filed a lawsuit that alleges Dr. Patrick Soon-Shiong, the new owner of the Los Angeles Times, cheated her out of millions of dollars.
Apparently, Cher and eight other investors (along with Patrick) invested in Altor BioScience, a biopharmaceutical company developing novel immunotherapeutic drugs to treat cancer and HIV. But Cher and the other investors were allegedly never told that the company was making progress on finding cures when Soon-Shiong offered to buy their shares in 2015, according to her suit.
The company, in fact, HAS made tremendous progress — but investors were never told. Instead, allegedly, Patrick “just wanted to grab my shares at a discount,” Cher claims.
Her suit claims she was duped into selling her shares at a fraction of the stock’s value. Patrick, through his biotech firm NantHealth, acquired the outstanding shares for about $15 million. The suit contends Altor is worth “over $1 billion.”