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Akers Biosciences, Inc. Provides Notice of Proposed Settlement of Derivative Litigation

Akers Biosciences, Inc. (the “Company”) (NASDAQ:AKER), a developer of rapid health information technologies, today announced that it reached a settlement agreement to settle two shareholder derivative

Benzinga · 01/17/2020 22:00

Akers Biosciences, Inc. (the “Company”) (NASDAQ:AKER), a developer of rapid health information technologies, today announced that it reached a settlement agreement to settle two shareholder derivative actions: Watts v. Gormally, et al., No. 2:18-15992 (D.N.J.) and Chan v. Gormally, et al., No. 2:19-cv-4989 (D.N.J.). As previously reported, on October 2, 2019, the plaintiffs filed a motion for preliminary approval of the settlement. On January 8, 2020, the court entered an order that, among other things, granted preliminary approval of the settlement, approved the form and content of the parties' proposed notice of the settlement, directed the Company to issue a press release containing the information in that notice by today, and scheduled a hearing on May 28, 2020 to consider final approval of the settlement. Accordingly, below are the contents of the court-approved notice of the proposed settlement.