Aytu BioPharma Disclosure Notification
Rhea-AI Summary
Aytu BioPharma (NASDAQ:AYTU) has announced a settlement notification regarding a derivative action lawsuit (Witmer v. Armistice Capital ). The settlement involves D&O Defendants Joshua Disbrow, Gary Cantrell, John Donofrio, Jr., Carl Dockery, and Ketan B. Mehta.
A settlement hearing is scheduled for January 13, 2025, at 3:15 p.m. at the Court of Chancery of Delaware to determine if the settlement terms are fair and reasonable. Current AYTU shareholders as of October 9, 2024 (Record Date) may have rights regarding the proposed settlement and can obtain detailed information from the company's website or by contacting Morris Kandinov LLP.
Shareholders who don't object to the settlement need not take any action or appear at the hearing. Those who don't object or appear will be bound by the Court's final judgment.
Positive
- Settlement of pending derivative action lawsuit, potentially reducing legal uncertainties
Negative
- Legal proceedings and settlements may involve financial costs for the company
News Market Reaction 1 Alert
On the day this news was published, AYTU declined 0.97%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
DENVER, CO / ACCESSWIRE / December 3, 2024 / SUMMARY NOTICE OF PENDENCY OF DERIVATIVE ACTION, AGREEMENT OF SETTLEMENT AND RELEASE WITH RESPECT TO CERTAIN PARTIES, AND SETTLEMENT HEARING IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE LITIGATION STYLED WITMER V. ARMISTICE CAPITAL LLC, ET AL., NO. 2022-0807-MTZ (THE "ACTION").
TO: ALL CURRENT RECORD HOLDERS AND BENEFICIAL OWNERS OF COMMON STOCK OF AYTU BIOPHARMA, INC. ("AYTU" OR THE "COMPANY") (Nasdaq:AYTU) AS OF OCTOBER 9, 2024 (THE "RECORD DATE") ("CURRENT AYTU SHAREHOLDERS").
YOU ARE HEREBY NOTIFIED that the Settling Parties to the Action have reached a settlement ("Settlement") to resolve the issues raised in the Action against Defendants Joshua Disbrow, Gary Cantrell, John Donofrio, Jr., Carl Dockery, and Ketan B. Mehta (the "D&O Defendants").
PLEASE BE FURTHER ADVISED that pursuant to an Order of the Court of Chancery of the State of Delaware, a hearing will be held on the 13th day of January, 2025 at 3:15 p.m., at the Court of Chancery of the State of Delaware, New Castle County, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801, to determine: (i) whether the terms of the Settlement are fair, reasonable, and adequate and should be approved; (ii) whether a final judgment should be entered; and (iii) such other matters as may be necessary or proper under the circumstances.
If you are a current Aytu Shareholder, you may have certain rights in connection with the proposed Settlement. You should obtain a copy of the full printed Notice of Pendency of Derivative Action, Proposed Agreement of Settlement and Release, and Settlement Hearing, at aytubio.com or by contacting Morris Kandinov LLP by telephone at 332.282.6639 or in writing at andrew@moka.law or 305 Broadway, 7th Floor, New York, NY 10007.
If you are a Current Aytu Shareholder and do not take steps to appear in this Action or to object to the proposed Settlement, you will be bound by the Order and Final Judgment of the Court, you will forever be barred from raising an objection to such Settlement in this or any other action or proceeding, and certain claims that you might have may be released.
CURRENT AYTU SHAREHOLDERS WHO HAVE NO OBJECTION TO THE SETTLEMENT DO NOT NEED TO APPEAR AT THE SETTLEMENT HEARING OR TAKE ANY OTHER ACTION.
You may obtain further information by writing Morris Kandinov LLP at the address above.
PLEASE DO NOT CALL, WRITE, OR OTHERWISE DIRECT QUESTIONS TO EITHER THE COURT OR THE REGISTRAR'S OFFICE.
Contact Information
Ryan Selhorn
Chief Financial Officer
rselhorn@aytubio.com
Robert Blum
Lytham Partners
aytu@lythampartners.com
SOURCE: Aytu BioPharma, Inc
View the original press release on accesswire.com
FAQ
When is the settlement hearing for Aytu BioPharma (AYTU) derivative action lawsuit?
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Who are the D&O Defendants in the AYTU derivative action settlement?
Do AYTU shareholders need to take action if they don't object to the settlement?
