Cher sues billionaire over stock buyout

LOS ANGELES • A businessman paid US$1.50 (S$2.05) a share to buy out actress-singer Cher's stake in an American pharmaceutical company and later spent US$2 a share acquiring other people's stock.

Her lawyers are now seeking justice in court, claiming she was misled into selling the stock in a company focusing on HIV/Aids and cancer therapies.

The suit noted that she was invited to invest in Altor in 2013.

"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," the Hollywood Reporter cited the lawsuit as alleging.

Her lawyers noted that one of Altor's compounds has "great promise" as a cancer treatment by 2020 and that the compound has also drawn a US$28-million government grant for further research.

The lawsuit said billionaire Patrick Soon-Shiong paid US$1.50 a share for Cher's stock. The total sum of US$450,000 was "below market value".

The singer had paid 50 US cents a share when she bought her stake, reported the Los Angeles Times.

A version of this article appeared in the print edition of The Straits Times on October 04, 2017, with the headline 'Cher sues billionaire over stock buyout'. Print Edition | Subscribe