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Sorrento Therapeutics Inc. (SRNE): Wildcat Capital Management Files a Complaint

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According to a newly-amended 13D filing with the US SEC,  Leonard A. Potter’s Wildcat Capital Management LLC, on behalf of  Sorrento Therapeutics Inc. (NASDAQ:SRNE) has filed a complaint in which affirms derivative claims for violation of fiduciary duty, unjust enrichment against Dr. Ji and directors William S. Marth, Kim D. Janda, Douglas Ebersole, Jaisim Shah and David H. Deming (collectively, the “Defendants”), and waste of corporate assets. In addition, Wildcat Capital Management LLC, on behalf of the company, asks for rescinding the options and warrants issued by the Issuer’s subsidiaries to Dr. Ji and the Board, enjoin the three private placements that are part of the Transactions that is expected to close imminently, and to be awarded damages resulting from the Defendants’ alleged violations of fiduciary duties. The same day that the complaint was filed, Wild Capital Management LLC also filed a motion for temporary restraining order against the Defendants. Wildcat Capital Management LLC owns 2.8 million shares of Sorrento Therapeutics (NASDAQ:SRNE), which amass 7.0% of the company’s outstanding stock.

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Sorrento Therapeutics (NASDAQ:SRNE) is a biopharmaceutical company that is working on developing medical therapeutics, which can respond to many unmet medical issues such as the treatment of chronic cancer pain. Over the past 12 months, the company stock is down by 53.65%.

Among the investors followed by Insider Monkey, at the end of March, Wildcat Capital Management reported the biggest position in Sorrento Therapeutics (NASDAQ:SRNE), and the second biggest position in this company was disclosed by Bihua Chen’s Cormorant Asset Management, worth around $11.27 million. Remaining investors that are bullish on this stock include Hal Mintz’s Sabby Capital, Israel Englander’s Millennium Management, and Jim Simons’ Renaissance Technologies.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Wildcat Capital Management 0 2,676,193 0 2,676,193 2,676,193 6.7%
Wildcat Liquid Alpha 0 184,000 0 184,000 184,000 0.5%
Infinity Q Capital Management 0 123,597 0 123,597 123,597 0.3%
Infinity Q Management Equity 0 123,597 0 123,597 123,597 0.3%
Infinity Q Diversified Alpha Fund 0 123,597 0 123,597 123,597 0.3%
Bonderman Family Limited Partnership 0 2,799,790 0 2,799,790 2,799,790 7.0%
Leonard A. Potter 0 2,799,790 0 2,799,790 2,799,790 7.0%
James Velissaris 0 123,597 0 123,597 123,597 0.3%

Leonard A. Potter
Leonard A. Potter
Wildcat Capital Management

Page 1 of 14 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

SCHEDULE 13D
(Rule 13d-101)

(Amendment No. 4)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 240.13d-2(a)

Sorrento Therapeutics, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
83587F202
(CUSIP Number)

Leonard
A. Potter

President
and Managing Member

Wildcat
Capital Management, LLC

888
Seventh Avenue

New
York, NY 10106

(212)
468-5100

(Name,
Address and Telephone Number of Person

Authorized
to Receive Notices and Communications)

May 13, 2016
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ☐

Note.
Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7
for other parties to whom copies are to be sent.

(Continued on following pages)

(Page 1 of 13 Pages)

______________________

* The remainder of this cover page shall be filled
out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this
cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

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