Yahoo- Cher is suing a prominent billionaire and a health care company because she allegedly felt “duped” about the value of drug stocks in which she invested, the Los Angeles Times reported.
In a lawsuit filed Friday, the entertainer accuses surgeon and entrepreneur Patrick Soon-Shiong of fraud related to investments in a Florida-based biopharmaceutical company Altor, the Times reported.
Soon-Shiong’s spokesperson told the Times that the suit had “no merit.” Soon-Shiong is also known for investing in Tronc Inc. , which owns the Los Angeles Times, Chicago Tribune and other American news outlets.
In 2013, Cher bought her stake in Altor, then sold it back to the company early last year at $1.50 per share — “an unreasonably below-market price,” the Times reported the suit says.
Yet when the singer and actress was asked to sell back her stock, she claims she wasn’t informed that Altor was developing a promising drug to treat HIV/AIDS and cancer, according to the Times.
Soon-Shiong then acquired the outstanding shares of Altor, which have since skyrocketed in value. According to Cher’s suit, the company is now valued at more than $1 billion.
Other defendents include Altor Acquisition LLC, Altor cofounder Hing C. Wong and Fred Middleton, a vice chairman of Altor’s board.
Full story at the Yahoo link
So the High School drop-out was duped, Huh? Probably not the 1st time …
One of the Newstand rags has the cover headline “Cher, the Loves I’ve lost” with photos of Sonny Bono & Greg Alman. In spite of the fact both men wised up enough to divorce her ass long before they bought the farm.
Oh yeah, she needs that extra money so she can feed all those illegals she has opened her house up to. No word yet as to how many she is housing, but I expect ICE to show up to her house any day now. Delicious!
That’s odd. Hollywood types go out of their ways to convince us they are superior in every way, especially in the brains department. And she was taken? Hmmm…
If she could turn back Time…
who do I sue for that outfit and that photo?
This version of the story doesn’t tell you she sold the shares for $450k, and it was a profitable sale. She’s bitching about not making enough. Sore winner.
She also has a trust named Inshallah Trust. Digging into the trust, she has registered several trademarks. A lot of them have been left abandoned. People don’t want to buy shit with her name on it so much anymore apparently. Tough times, huh Cher?
Sonny couldn’t be reached for a comment as he was busy trimming trees….can’t be too soon cuz that joke is older then Cher’s botox….
I worked for Patrick for a few years, left about 10 years ago. A nice guy, friendly, but it seems that every financial move he makes is self-serving to the detriment of others. My boss basically ran his R&D company and now despises him. The last year I was there we were going through a merger with a high-margin company that had plenty of cash, while we were borrowing against equity. We had just borrowed $10 million but that had to last us until the merger was complete, about 5 months. I was told not to pay any vendors at all, just utilities and payroll. For 5 months I had to talk every vendor into extending us more credit, knowing that there was plenty of cash on the other side of the merger. And then, 3 months in, suddenly the company purchases a house in Santa Monica, $3.7 million in cash out of the funds I am trying to preserve! I was stunned, then extremely pissed off.
When the merger finally happened, the big bonus payout – the one many employees had been waiting up to 10 years for and suffering subpar salaries for – finally came. And it was very mediocre, I think $6 million total when it should have been $15 million. Remember, Patrick was worth several billion at the time.
2 months later he bought a G550 for $42 million in cash.
I think his net worth has about quadrupled since I left 10 years ago so he obviously makes smart decisions. But he sure doesn’t take great care of his employees, and every ‘charitable contribution’ he makes seems self-serving. But he was always friendly in person.
Sounds like a user.
Duped=Suckered
It sounds like she’s been suckered by a bunch of gypsies, tramps and thieves.
That she “needs” millions
would be a golden opportunity to scream
“filthy capitalist!” or at least
“Ha! We TOLD ya so, that money matters, you dumba$$ socialist!”
But, she/it is a Protected Species among the Left,
SO: fuggedaboudit!
Sonny was unavailable for comment. Of course, he’s shed of the stupid biotch.
I couldn’t read the rest of the comments after clawing my eyes out after seeing that picture.
He could be looking at an insider trading charge but if not she set the market price when she sold. Too bad.
Is that some tranny cher impersonator?
Okay, I see how this works. Be principled enough to criticize big pharma, but not principled enough to give up trying to make a profit from them. Got it. Hypocrite.
Someone duped Cher? Gee, that’s hard to imagine.
Soon-Shiong? Sounds Chinese. Cher must be a racist.
If you aren’t sitting on your stock page daily , don’t screw with Pharma stock !
Other defendants were Sum Ting Wong and Ho Lee Shit?
Her timing sucks lemons but Soon-Shiong turned it into LemonAIDS.
I’m very sorry that Cher feels some of her wealth was redistributed in a way that seems unfair to her.
If the drugs were supposed to firm up your boobs, she got cheated.
Uhhh, isn’t that insider information? Martha Stewart went to jail for shit like that.