Cher has dropped her lawsuit against NantHealth founder Patrick Soon-Shiong in which she claimed he duped her into selling her shares of Altor Biosciences, a promising drug company, at a fraction of their value, court papers obtained Tuesday show.
Lawyers for the singer filed a voluntary request for dismissal of her case on March 6 with Los Angeles Superior Court Judge Gregory Keosian. Her lead attorney, Matthew Kanny, could not be immediately reached.
The lawsuit filed Sept. 29 alleged Altor’s management hid valuable HIV and cancer research from shareholders. As a result, Soon-Shiong bought shares of the company from Cher and other stakeholders at a significantly lower price without sharing the company’s true value to shareholders, the suit alleged.
Cher alleged fraudulent concealment and that the defendants put their interests ahead of hers. In addition to Soon-Shiong, who recently bought the Los Angeles Times, she sued Altor Acquisition LLC, Altor co-founder Hing C. Wong and Fred Middleton, a vice chairman of Altor’s board.
A spokesperson for Soon-Shiong said previously that Cher’s allegations were meritless. But in their court papers, attorneys for Cher said emails revealed that Soon-Shiong had agreed to speak with the entertainer prior to buying her Altor stock about whether she should sell her shares or buy more.
“Within days of Cher filing her original complaint, defendants made false statements to the media in a desperate effort to exculpate themselves from Cher’s allegations,” Cher’s attorneys alleged in their court papers.