SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Advaxis, Inc. (OTC – ADXS)
BALA CYNWYD – October 19, 2022 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Advaxis, Inc. (“Advaxis” or the “Company”) (OTC – ADXS) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the Company’s agreement to merge with Ayala Pharmaceuticals, Inc. (“Ayala”) (Nasdaq – AYLA). Under the terms of the Agreement, each outstanding share of Ayala common stock will be converted into the right to receive shares of common stock of Advaxis based on the exchange ratio set forth in the merger agreement. Upon completion of the merger, Ayala stockholders will own approximately 62.5% of the combined company’s outstanding common stock and Advaxis stockholders will own approximately 37.5%
The investigation concerns whether the Advaxis Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to the Company’s shareholders in the combined company.
If you own shares of Advaxis stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.