Cher Was Allegedly Tricked Into Selling Shares
Cher (the singer and actress) claims that she was tricked into selling her shares of Altor, which is a pharmaceutical company that was working on HIV/AIDS medicine. In the lawsuit, Cher claims that her millions of dollars worth of stocks were sold for less than they were worth.
According to hollywoodreporter.com,
Lawyers for the entertainer say in a lawsuit that Los Angeles billionaire Patrick Soon-Shiong used his firm, NantCell, to acquire all of the shares of Altor he didn’t already own for about $15 million last year, though Altor should now be valued at north of $1 billion.
The lawsuit against the firm NantCell, which is owned by L.A. billionaire Patrick Soon-Shiong, claims that “once Cher’s money was safely in Altor’s bank account, all clinical data was subsequently concealed from Cher, and she never received another communication regarding patient outcomes or clinical trial successes.”
Cher May Have Tripled Her Money On Investment
There is speculation that Cher paid 50 cents per share and that Cher’s shares were sold for $1.50. After her stocks were sold, other shares of the company were being sold for $2 per share. Apparently, Cher is upset that someone else was paid more for the same shares.
Also according to the lawsuit that claims that Cher was allegedly tricked, “Middleton and Wong’s fiduciary duties required them to treat Plaintiff with complete candor by fully disclosing all the facts and circumstances involving the sale of her shares to Defendant Soon-Shiong’s entity, Cambridge Equities.”
Soon-Shiang is a major shareholder of the Los Angeles Times parent company Tronc Inc.
I’ll bet you some shares of Altor that if Cher could turn back time, she’d hold onto her shares of Altor. You would have to rip them out of her cold dead hands. Even though all indications are that she tripled her ROI (return on investment, for all you non-business types), that isn’t good enough for Cher. She’s apparently upset that somebody else made a little bit more money than her when selling their shares of Altor. The business world is very cruel, Cher. There’s no crying in baseball or the stock market.