A California biopharmaceutical company that claimed to be developing a cure for COVID-19 at the beginning of the pandemic faces new accusations leveled by shareholders in the Court of Chancery.

A shareholder, represented by Blake Bennett of Cooch and Taylor, says in a derivative complaint filed Tuesday that executives of San Diego-based Sorrento Therapeutics Inc. breached their duties to the company in an ill-fated attempt to raise funds by selling stock.