Bankruptcy: NATIONAL FINANCIAL SERVICES LLC /TA

Form Type: TA-1/A

Filing Date: 2025-04-23

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000113370225000006

Filing Summary: On June 12, 2023, an adversary proceeding was filed against National Financial Services LLC (NFS) by the Official Committee of Equity Security Holders for the Sorrento Therapeutics, Inc. bankruptcy estate, which alleged that NFS and others violated the automatic stay and Regulation SHO by enabling naked short-selling of Scilex Holding Company stock. The U.S. Bankruptcy Court issued a temporary restraining order on June 14, 2023, barring NFS from conducting short sales and demanding an accounting of profits from the alleged naked short-selling activities. This matter was ultimately dismissed on July 28, 2023.

Form Type: TA-1/A

Filing Date: 2025-02-12

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000113370225000001

Filing Summary: On June 12, 2023, the Official Committee of Equity Security Holders for the Sorrento Therapeutics, Inc. bankruptcy filed an adversary proceeding against National Financial Services LLC and others, alleging violations related to the automatic stay and facilitating naked short-selling of Scilex Holding Company stock. The U.S. Bankruptcy Court issued a temporary restraining order prohibiting short sales of "Dividended Scilex Stock" and mandated an accounting of profits from the alleged short-selling activities. This matter was dismissed on July 28, 2023, concluding the court's involvement in the issue.